Sanjay Garg, President, NITMA has approved the Union Budget 2022-23 saying the Finance Minister has taken some prudent initiatives for MSMEs and India Inc for start-ups. The tax concession period has been extended by one more year, which is a positive move. Likewise, a 15 per cent tax has been decided for the newly incorporated manufacturing unit. The period of incorporation has been increased by one more year to 31-3-2024. This will further boost manufacturing activities. He was of the view that the PLI in 14 Sectors to create 50 lakh new jobs and additional production of Rs 30 lakh Cr.

Garg stated that the proposal to reduce surcharge on cooperative societies to 7 per cent from 12 per cent for income between Rs.1 cr to Rs.10 cr is a welcome step. He reiterated that incentives for startups period of incorporation extended by a year to 2023 to avail of tax benefits and for corporate extension also granted for new companies to set up manufacturing facilities to 2024 from earlier 2023 will help the new start ups on the way. Besides Section 115BAB the date of setting up business increased by one year to 2024 is indeed help to the industry.

Garg also appreciated that PM Gatishakti driven by 7 engines as proposed by Finance Minister will give boost to the infrastructural development and will pull forward the economy and will lead to more jobs and opportunities for the youth. He also thanked the Government for taking several steps to ease the compliance burden on honest taxpayers.