Hon’ble Finance Minister Mr. Arun Jaitley rolled out some good news for the small companies through the Union Budget 2017.
The major attraction is surely the deduction of corporate income tax to 25% gradually. The Finance Minister also addressed the viability of MSME companies. This post details how small businesses will get affected by this year’s budget. Let us go through the possible impacts of the budget on small-sized industries.
The medium-sized and small-sized industries are occupying a large place in the country’s economy. The sector is providing employment to millions of people. This year’s budget needs a special reference in relation to the small-sized businesses. Though not path-breaking, the budget is considered a tool for healing after the demonetization. It is also seen as a populating tool ahead of the elections.
Here are the major highlights of the union budget. Also, learn how these announcements are going to impact small and medium-sized businesses.
Overall, the slashed income tax rates are welcomed by all. However, apart from the income tax reductions, the budget is said to be missing other allocations and schemes.
Post the demonetization, businesses were expecting much more. Also, there is an absence of any measure for funding. The budget has received mixed reactions from the economy. As far as smaller businesses and start-ups are concerned, income tax rates are a big relief.
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