Budget 2016-17: What SMEs expect from Finance Minister

NEW DELHI: Finance Minister Arun Jaitley is all set to present the Union Budget for 2016-17 on February 29.This would be his second full-year Budget. So all eyeballs on his briefcase, what Jaitley is going to present for India.

As the Narendra Modi government has recently launched the 'Start Up India', small and medium enterprises (SMEs) are now waiting February 29, the D-day when finance minister Jaitley will unveil the Union Budget 2016 - 17. Expectations are high across the industries.

Lets go through expectations of the Start-ups from Jaitley

According to Govind Bansal, Co-founder of Aqua Mobiles, "Government is promoting the local manufacturing and we hope that it will be continued. We also expect the introduction of the GST as early as possible. Furthermore, mobile industry is a good contributor to GDP, so it should be rewarded with some much needed incentives like relaxation in the corporate taxes for the benefit of the industry as well as consumers."

Tarun Wig, Cofounder of Innefu Labs on this occasion said,"Present scenario is quite threatening as we can see recently website of Kerala as well as the Orissa Government came under cyber attack. The government should allocate a specific amount in budget for ensuring that these types of cyber attacks can be prevented."

Indiaonline.in, which is another promising start-up has expressed its concern over the service tax, Rahul Jalan – Director, www.indiaonline.in said, "We expect from the Government to reduce the service tax and stabilize it. There is a frequent surge in the service tax which is not an indicator of healthy growth. In addition, service tax should be covered under the GST and adequate measures should be taken for the easy implementation of the GST."