The Tamil Nadu Foodgrains Merchants Association has welcomed the ₹20 lakh crore stimulus package announced by the Centre. This will boost the economy, particularly the micro small and medium enterprises (MSMEs), the association members said.
Revision of the definition of MSMEs by raising the investment and turnover limits was significant, they said.
Further, the members welcomed the announcement of ₹20,000 crore as subordinate debt for stressed MSMEs, reduction of TDS and TCS rate by 25% and the extension of time period to file income tax returns to November.
The association members recommended that if there were any hurdles, the traders and public must be permitted to bring this to the notice of the District Collectors so that issues could be addressed.
However, they said that the government should also consider the suggestions and recommendations submitted by trade bodies and give tax exemption and levy tax at a lower rate for certain commodities. Else, it will be difficult for MSMEs to survive, they added.
