Currently, country's chemical sector is regarded as a diversified industry covering over 80,000 commercial products that contribute about 10.5% to India's foreign trade.
"GST is still "work in progress" and rate rationalisation is desirable. The 28% slab is undesirable and should be phased out once the revenues become stable under the GST."
"We are looking forward to the upcoming budget as it is expected to bring some significant changes in policy and taxation system applicable to us," says Rahul Garg.
The doubling of threshold exemption limit will help those small businesses who do not have any aspiration to do business with the registered big business.
Employing 40% of country's workforce, the sector has the potential to spread industrial growth across the country and can be a major partner to help accelerate the process of inclusive growth.
To actively support ‘Medium’ enterprise, FISME in its presentation, pitched for specific support measures for units / accounts having exposure greater than Rs 5 crore.
Suresh Prabhu said the government is committed to providing ‘the most conducive environment’ to country’s young entrepreneurs.
The MSME sector which has been hit hard by demonetisation and by the haphazard implementation of GST, is a crucial vote bank and with 2019 general elections around the corner, the government wants to get the right message across.
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