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New Delhi March 2 The small-scale industry saw some tax relief coming its way in Budget 2007-08 announced by the Finance Minister, Mr P. Chidambaram, on Wednesday.

The Minister has proposed to raise the exemption limit for SSI units from Rs 1 crore to Rs 1.5 crore.

Presenting the Budget in Parliament, he said: "In order to encourage small and medium enterprises (SMEs) to invest and grow, I propose to remove the surcharge on income-tax on all firms and companies with a taxable income of Rs 1 crore or less. This will benefit about 1,200,000 firms and companies."

The industry has described the announcement as progressive. Mr Deepak Pahwa, President of the Indo-American Chamber of Commerce, said that the proposal was a welcome step but added that the threshold limit should have been enhanced to cover more small and medium enterprises. The PHD Chamber of Commerce and Industry too welcomed the exemption limit for small-scale industries.

The Finance Minister also announced a provision of Rs 22.5 crore for the coir industry, which provides employment to a large number of people and earns valuable foreign exchange.

More Stories on : SSI | Taxation | Budget

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