Recently the manufacturers of the auto parts, fasteners and the engineering products allied have a lower perspective towards the budget 2022 as it is created a bad impression on the community. The businessman community has been negative towards the current budget 2022 announcement. The garment industry has also raised its voice against the ignorance of scrapping of 12 per cent GST to 5 per cent.
As per the tax expert and major person in the manufacturers association, this has been a very bad budget for all the micro small and medium enterprises (MSME). Also, he had raised the voice against the barren hands for the auto parts as well as the fastener industry. There was also no mention of the scrapping of 28 per cent GST on certain products and now he estimates that the government does justice to only corporates and they don’t heed towards the small industries.
Again a tax expert has raised his voice and mentioned that the union finance minister has no ears to the MSME industries as the small scale industry has been suffering from the covid times for the last 2 years. The scrappage of 28 per cent GST was not there in the union budget, as well as the scheme introduction, was not the part for all the MSME industries.
President of Sewing Machine Technology Park Cluster, said, “By terming this as a progressive Budget, some leaders are rubbing salt on our wounds. If the finance minister did not slap any new tax on us, it does not mean that it is a good Budget for the small industry. Even serious problems of the MSME industry, like constant rise in the rates of raw material used by engineering goods manufacturers, have not been addressed.”
“Calling the Budget a disappointment for the MSME industry, president of Fastener Suppliers’ Association of Ludhiana, said, “We had very high expectations from the Centre. Due to elections in several states, some industry-friendly announcements were expected. But all our demands, like freight subsidy, reducing bank loan interest rate, increasing income tax exemption slabs, have fallen on deaf ears.”
“Garment manufacturer and president of the Ludhiana MSME Association, said, It is very sad that despite our repeated requests and representations to the Central departments, the recent proposal to increase the GST from 5% to 12% on garment and textiles has not been scrapped. Though the proposal to hike tax is on hold as of now, we will not get permanent relief until it is fully scrapped.”
