An entrepreneur or a small business man start and run business with limited resources and planning under a very uncertain and risky environment.They usually take risk with their hard money and time.
MSME represent almost 30 percent of GDP and 40 percent of employment. A small business man needs to do his best to become successful whatever adverse conditions may exist. On him depends the livelihood of so many of his employees. He employs a lot of his own capital and doesn’t easily get credit/capital facilities at low rates of interest.
After a long struggle and continued self encouragement he makes little profits .Then he enters into establishment phase by paying a lot of both direct and indirect taxes. Indian tax system comes into the picture with 33 % income tax and complex system of GST.
If govt can charge us so many taxes, it is our expectation that they should come to our rescue in such dire times. Many governments in various other countries have already done so by meeting fully and partly the salary/wage bills and interest burden of SMEs.
My sincere request is to govt.is that please pay attention to small business man who is continuously putting his best efforts to build a nation. The government shall simplify the tax systems, give us rebates in taxes, make credit and capital available at cheaper rates and with sovereign guarantees and work on simplified direct cash benefit to SME’s. Moreover, the government shall step into smoothen the supply of raw material and infrastructure and create guaranteed demands with fix timelines for payment.
Tarun Sharma
One Response
SMEs play a significant role in the growth of Indian economy. I agree with the view that govt has to pay attention on how to bring into track all such enterprises has been suffering a lot in the present scenario.