Budget 2018: Uma Reddy Talks Expectations In Manufacturing Sector
Could the Budget 2018 be a total game-changer for the manufacturing industry? When all eyes are on the Budget 2018, government seems to have its own value-added schemes for women entrepreneurs.
Or, does it?
Ahead of the Union Budget 2018 on February 1, Uma Reddy of Hi-Tech transformers, shares with us what women from manufacturing expects from Budget 2018. SheThePeople.TV catches up with her
- Ease of doing business should go many notches higher. Yes, we have improved, but it is not good enough. If we want women to take up entrepreneurship then setting up a business should ease.
- Infrastructure support with co working space / Incubators / Common Facility centres – For manufacturing, there is a large need for Common Facility centres – for design, product development, 3D printing, testing, packaging, IP, certifications. There should be many of these. In fact in every area
- On GST – Reduce number of slabs and improve IT infrastructure. Huge issues in uploading GST – IT infrastructure should be strengthened across the States and Centre.
- Presently there is no threshold exemption from payment of tax for small suppliers of services and goods. This has resulted in a situation where the customers avoid transactions with such suppliers due to liability under reverse charge under section 9(4) of the CGST Act.
- Access to Finance is still a huge impediment, without collateral. The limit sanctioned is very low. Special consideration for women entrepreneurs, a sector where women foray into entrepreneurship.
- Associations and organisations that promote ‘Trade and industry’ especially women entrepreneurship, should be exempt from the ambit of taxation under the provisions of the Income Tax Act, 1961 (“Act”).