HANDICRAFT EXPORTERS STILL HOPING TO GET SOMETHING OUT OF THE UNION BUDGET- Epch.in
Hon’ble Union Minister of Finance, Shri Arun Jaitley yesterday announced the Union Budget for the year 2017-18. No specific announcement was made with respect to handicrafts sector however there are certain measures,which may impact the handicrafts sector, include the following:- Reduction of Income Tax on MSME (reduced to 25%) - In order to make MSME companies more viable and also to encourage firms to migrate to company format, the rate of tax for smaller companies with annual turnover upto Rs. 50 crore has been reduced to 25%. Development of Infrastructure for exports – In order to focus on export infrastructure in a competitive world, a new and restructured Central scheme, namely, Trade Infrastructure for Export Scheme (TIES) will be launched in 2017-18. Emphasis on Skill Development - The number of Pradhan Mantri Kaushal Kendras (PMKK) have been proposed to be extended to more than 600 districts across the country. 100 India International Skills Centres...