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GST network rollout by Aug ’12 positive for MSMEs, says IndiaMART CEO Dinesh Agarwal

03-20-2012 02:34 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Indiamart Intermesh Ltd

Implementation of GST welcomed
Appreciate allocation of Rs.5,000 cr to SIDBI for venture fund for MSMEs

New Delhi, 16th March, 2012: Sharing his views on the Union Budget 2012-13, Mr. Dinesh Aagarwal, Founder & CEO, IndiaMART.com, India's largest online B2B marketplace, said, "“We welcome the Union Budget 2012-13 presented by the Hon’ble Finance Minister (FM) today.
 
While the FM called for speedy reforms today, the Budget did not indicate much in that direction. The key highlight, however, was ‘GST’ which is now expected to be operational by August 2012. We hope that this timeline is met as it would certainly help address the multiple taxation issue faced by the MSMEs currently. We had also expected some effective mentions to simplify taxation and also consolidate multiple departments to allow better compliance by MSMEs. This still remains to be looked at by the government.
 
Another positive for MSMEs in this budget was allocation of Rs 5,000 cr to SIDBI for venture fund which would enhance equity availability to MSMEs. Exemption of capital gains tax from sale of property when proceeds are used for investment in SME would also help augment funds for SMEs to a certain extent.
 
The fillip to handloom, powerloom and leather clusters is seen as a positive move for growth of small enterprises in these sectors.
 
With the manufacturing sector facing deficit in skilled manpower, the FM’s proposal to provide weighted deduction for expenditure on skill development will help bridge some gap.
 
Also, the move to raise the turnover limit for compulsory tax audit for SMEs to Rs. 1 crore from Rs. 60 lakh would also bring relief to many SMEs.
 
We believe that there was a scope for bolder announcements for MSMEs which could have brought a sea-change in their productivity and growth by eliminating the challenges faced by them.”

About IndiaMART.com

IndiaMART.com is India's largest online B2B marketplace for Small & Medium Size Businesses, connecting global buyers with suppliers. The company offers a platform & tools to over 1 million suppliers to generate business leads from over 5 million buyers, who use the platform to find reliable & competitive suppliers. The company has over 3500 employees located across 80+ offices in the country. Its existing investors include Intel Capital and Bennett, Coleman & Co. Ltd.

Products & Services
IndiaMART.com offers products that enable small & medium size businesses generate business leads (online catalogs/store-fronts), establish their credibility (third party verified trust profile) and use business information (finance, news, trade shows, tenders) for their business promotion.

Plot No.7, 8th Floor,
Advant Navis Business Park,
Sec-142, Noida-201301

Media Contacts
Pawandeep Kaur
Manager - Corporate Communication
T: +91-120-3911000
F: +91-120-2424943
E: corpcomm@indiamart.com

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