Highlights of steps proposed for the Hi-tech and MSME's industry – Budget 2013-14

[CS Swati Dodhi]

Highlights of steps proposed for the Hi-tech and Micro, Small and Medium Enterprises (MSMEs) industry – Budget 2013-14

1. Government allocates Rs. 55 lakh crore in infrastructure with a Plan for a private companies to share 47 per cent of investment

2. Industrial corridor between Chennai-Bangalore, Bangalore-Mumbai

3. Non-tax benefit for MSME sector

4. Start-ups and MSMEs can list on SME exchange without public offering but only after informing investors

5. Appropriate incentives for semiconductors industry, including zero customs duty on plants and machineries

6. No tax for three years after the growth of an MSME into a larger enterprise

7. Indian Institute of Biotechnology will be set up at Ranchi

8. To increase allocation for science and atomic departments

9. Skill trained Youngsters given boost in employment and productivity - 10 lakh youth can be motivated in one year

10. Rs 1000 crore allocated to extend skills of youth

11. With help of Ministry of Science and technology, Centre will allocate Rs. 200cr to scale them and make them available to people

12. Centre has no plans to revise direct tax rates

13. No revision in the tax slabs

14. Union government imposes 5-10 % surcharge on local companies with income above Rs. 10 crore

15.10 per cent surcharge on individuals with annual income of over Rs. 1 crore and a surcharge of 5-10 per cent on domestic companies whose income exceeded Rs. 10 crore

16. 1-6 per cent duty to be levied on mobiles, by both domestic and international manufacturers, priced over Rs. 2,000

17. Higher customs duty on set top boxes

18. Small and medium companies to be allowed to listed on MSME exchange without making a public offer

19. Investor with stake of 10 per cent or less will be treated as FII and any stake more than 10 per cent will be treated as Foreign Direct Investment (FDI)

20. To extend tax benefit to electrical vehicles