`Once again Union Budget 2019 disappointed MSME as no relief as far as Direct Taxes are concerned'

Ludhiana, July 5, 2019: Once again Union Budget 2019 disappointed MSME as no relief as far as Direct Taxes are concerned. We were expecting enhancement in Income Tax limit up to 5 Lakhs but it remained same. Though Govt imposed extra Income Tax of 3% on Income between 2-5 Cr. & 7% extra Income Tax on Income between 5-7 Cr but no relief has been given to MSME’s & Medium class. Govt brought GST in line with other countries but other countries are providing Social Security to it’s citizens but the Govt is concerned about collecting taxes from MEME’s & is not at all concerned about providing us social security or extending any benefit. A big disappointment for MSME’s & we feel that we should shut down our factories & start cultivation. There is no mention of steel regulator or implementing procurement policy from MSME’s forcefully. To add further disappointment prices of petrol & diesel are increased by Rs. 2/- per litre which will put more burden on MSME’s of Punjab as freight element will go up. Govt is more concerned about start ups but no effort made to revive the existing Industry which is on the verge of closure. This has been stated by by Narinder Bhamra – President – Fastener Manufacturers Association of India (Regd) & Convenor – Federation of Industries & Trade, Punjab.