Budget Expectations: Government should control the prices of raw materials and products, demand of JCPDA

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Budget Expectations: Before the Union Budget (Union Budget 2023), the Jharkhand Consumer Product Distributors Association (JCPDA) Finance Minister Nirmala Sitharaman Wrote a letter to (Fin Min Nirmala Sitharaman). Many suggestions have been given to the Central Government through the letter. It states that if the prices of raw materials and consumer products are controlled, it will be a big incentive for the common man as well as for small businesses.

Government should simplify GST compliance: JCPDA

JCPDA (Jharkhand Consumer Product Distributors) President Sanjay Akhouri said that rationalization of GST (Goods and Services Tax – GST) rates as well as simplification of compliance should be the top priority of the next budget (Budget 2023). GST in the year 2017 tax filing was implemented with the objective of simplifying and promoting transparency. GST has become cumbersome for small businessmen.

Government should continue two percent interest subvention

Shri Akhoury has said that the government should continue the two percent interest subvention on fresh or incremental loans for all GST registered MSMEs. If the government simplifies and digitizes the end-to-end compliances like Employees Provident Fund (EPF), labor laws, taxes, it will be a sign of relief for MSMEs.

MSME should pay attention to more loans

He said that the share of loans to micro, small and medium enterprises is very small as compared to the outstanding loans of large enterprises. The government should focus on giving more loans to the MSME sector (prioritizing the FMCG sector).

Government should direct the CPSU to pay the bill in 30 days

Banking and non-banking financial companies (NBFCs) should play a more important role in lending to MSMEs. Government should direct all CPSUs to pay their entire outstanding bills within 30 days. Also, steps should be taken to provide adequate funds to those CPSUs.

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