Finance Minister Nirmala Sitharaman presented the country’s “Book Account” on Friday. It has got great relief in the corporate sector. Under the new proposal, now the companies doing annual business up to Rs 400 crore will be in the corporate tax slab of 25 per cent. Prior to this, 25 per cent of corporate tax was included in companies which had a turnover of Rs 250 crore. Now only 0.7% companies will be out of the corporate tax slab.
Finance Minister Nirmala Sitharaman said that micro, small, small and medium enterprises (MSMEs) have an important role in accelerating the Indian economy. In this case, there is a need to invest in this sector. Along with this, the government will be focusing on enhancing foreign and domestic investment. He told that MSMEs were announced to provide 2% interest subsidy on loans upto Rs 1 crore. It will cost about 35 thousand crore rupees. At the same time, Rs 350 crore is allocated for GST-registered MSMEs.
Earlier, in the interim budget in February, the corporate sector was shocked. The big industry hoped that corporate tax would be relieved but nothing like that happened. At the same time, in order to curb imports from the aluminum industry in the interim budget, demand was made to increase the existing customs duty to 10 per cent on both primary aluminum and scrap metal. There was a demand for an investment in the oil and energy sector. There was demand for zero tariff on the import of machines required to set up biofuel / biodiesel plant.