Chennai: Experts have underlined the need for a progressive tax reform that will propel India towards a $ 5 trillion digital economy.
The India SME Forum (ISF) organised a media briefing to discuss and prepare a paper for the upcoming budget with recommendations around what kind of tax reforms can be made to facilitate ease of doing business for MSMEs in India.
B Suseel Kumar, Joint Commissioner CTD and Director, Commercial Taxes, Government of Tamilnadu, highlighted, ‘ease of doing business is of top concern in Tamilnadu. The State is a forerunner in a faceless tax administration with a time bound registration process and fully automated refund mechanism. The government has also reduced the cost of compliances and will work towards the benefit of the MSMEs.’
K Mariappan, president, TANSTI, stated, ‘Tax reforms must give exemptions to MSMEs in Tamilnadu with regards to the cost of raw material, as it is the leading State in handloom manufacturing. There is a need to facilitate ease of doing business amongst MSMEs and reduce time on documentation to scale production and accelerate growth.’