By Harkirat Singh
Keeping the growth of the nation in mind, the overall budget seems to be quiet positive. We appreciate the government’s decision to provide 2% interest subvention on fresh loans to MSMEs up to Rs 1 crore and reduce 5% tax for small and medium companies.
Talking about GST, the government will further simplify GST to a single monthly return, e-Invoice System will be introduced. Legacy dispute resolution scheme proposed for the closure of pending litigation in GST cases. It will be interesting to see the new changes.
Looking holistically, the Union Budget 2019 is reformist and growth-oriented. The measures outlined in the budget for giving a boost to the infrastructure as a huge amount of Rs 100 lakh crore investment for infrastructure over 5 years will boost the growth of the business.
Also, to discourage the practice of making business payments in cash, the government has proposed to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore a year from a bank account. It will move India towards a ‘cashless society’ which will help facilitate retail trade as well.
Harkirat Sing is the managing director of Woodland Worldwide.
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