Chennai: Stating that business houses across the country are slowly returning to normalcy in the unlock phase, Consortium of Indian Associations has however said those who have pending orders to execute are facing shortage of raw materials and price increase by over 15 to 20 per cent, especially in copper, brass and steel materials.
‘The biggest concerns of the business owners of micro and small enterprises are payment of bonus and cash advances to staff during the ensuing festival seasons,’ said CIA convenor K E Raghunathan, in a ‘Study Report on Predicament of Micro and Small Enterprises’.
‘There is no doubt the economy is returning back to near normal as compared to last year, after removal of all restrictions except Hospitality segment,’ he said.
Raghunathan added: ‘Government must immediately declare abolishment of Income tax for the current year for those earning less than Rs 15 lakh. This will enable the affordable middle income individuals to spend the amount kindling demand.’
He said enterprises doing turn over upto Rs 5 crore turn over (micro enterprises) shall be exempted from collection or levy of GST till March 2021.

