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Our Bureau

Chennai, March 2

D.E. Ramakrishnan, President - National Confederation of Small Industry, said: The increase in excise exemption limit to Rs 1.5 crore (from Rs 1 crore at present), the increase in the service tax threshold to Rs 8 lakh (from Rs 4 lakh at present) and the removal of the surcharge on income tax for taxable income up to Rs 1 crore, though welcome, are at best cosmetic tinkering which is too little coming too late.

Such steps will hardly benefit micro and small enterprises (MSEs) in reducing their transaction costs or in building up capital to enhance their competitiveness in the face of globalisation.

The other major disappointments pertain to retaining FBT for MSEs, non-provision of additional corpus for the Credit Guarantee Fund Trust Scheme and no announcement on the extension of the Credit Linked Capital Subsidy Scheme (CLCSS), which is scheduled to expire in March 2007.

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