The Indian Industries Association (IIA) will suggest the UPA government to implement tax reforms in the upcoming Union Budget to safeguard micro, small and medium enterprises (MSME).
The association has already constituted a group of experts to prepare a pre-budget memorandum in this connection. We have initiated this process after being approached by the Ministry of MSME to submit a budget proposal with special focus on the development and promotion of MSME, said IIA Executive Director D S Verma.
Every year, the IIA presents its proposal to the Centre after a detailed pre-budget exercise.
The experts held their first meeting on Tuesday. The emphasis was on various aspects of direct and indirect taxation affecting the SME. The experts suggested the need to execute tax reforms which the UPA government had promised to implement by 2010. These include the proposal for Good Service Tax.