Budget 2022 Expectations: ‘Expects reduction in GST, streamlining KYC norms, and expand financial inclusion

The Micro, Small & Medium Enterprises (MSME) sector is upbeat that the forthcoming Budget is expected to provide much-needed impetus to the economy.

As Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget for the financial year 2022-23 on 1st February, the Micro, Small & Medium Enterprises (MSME) sector is upbeat that the forthcoming Budget is expected to provide much-needed impetus to the economy.

Sharing his expectations on the Union Budget 2022 for the MSME sector, Rajeev Yadav, MD & CEO, Fincare Small Finance Bank said: “MSMEs are a key contributor to the country’s GDP, employment, and social goals focusing mainly on the government’s Atmanirbhar Bharat. Thus, the success of MSMEs with an enabling framework, where banks can engage holistically, is imperative and is the key to self-reliance. This approach will provide a much-required boost and put our country on a multi-year growth trajectory.”  

Concern on taxation needs to be addressed within the given fiscal space. “We expect the Budget 2022 to provide the eagerly-awaited tax relief through changes in personal income tax for middle-income households to perk up the consumption. The government needs to push the disinvestment agenda to ensure that it has enough liquidity in its coffers to push consumption demand and restore confidence in the banking system to start lending,” he added.

SOURCE: ZEEBUSINESS

https://www.zeebiz.com/small-business/news-budget-2022-expectations-expects-reduction-in-gst-streamlining-kyc-norms-and-expand-financial-inclusion-175204