Rs 5,800 CRORE HIDDEN INCOME IN MSME SECTOR

MSME means Micro, Small and Medium Enterprises. The Income Tax Department of India has detected that MSME has hidden income of Rs 5,800 crores in Fiscal year 2010-11.
Generally Income tax department carries out a number of searches for high income sectors but this time income tax department has put its scanner towards sector which contributes about 45 % of manufacturing output of the country.

Income tax department has carried out 3911 raids and after that they came to know about the hidden income of Rs 5,800 crore in MSME sector.

So from now onwards every one will be under the scanner of Income tax department. Be careful.

Suggestions and Comments are welcome.

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2 thoughts on “Rs 5,800 CRORE HIDDEN INCOME IN MSME SECTOR

  1. PL. DONT TALK OF PEANUTS. 5800 CRORES FOR A SECTOR IN AN ENTIRE SECTOR, WHERE INDIVIDUALS DO IN LAKHS & LAKHS OF CRORES.PL. STOP SUCH DISCUSSIONS, IT IS FRUSTRATING.

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  2. IN THE PRESENT OF BIG FISHES REFLECTS THE RICHNESS OF A POND,SMALL FISHES MAKE THE POND VIBRANT.ALTHOUGH BIG ENTERPRISES CONTRIBUTE TO THE STRENGTH OF A COUNTRY’S ECONOMY.SMEs ARE OFTEN SAID TO BE RESPONSIBLE FOR DRIVING INNOVATION AND COMPETITION IN MANY SECTORS.IN FACT,IN MOST ECONOMIES, MSMEs ARE MUCH GREATER IN NUMBER THAN LARGE COMPANIES.PARTICULARLY,MSMEs CAN BE A GREAT SOURCE OF EMPLOYMENT GENERATION AT THE GRASSROOTS LEVEL.CONSEQUENTLY,GOVERNMENT HAS RECENTLY,MERGED TWO DIFFERENT MINISTRIES AND FORMED A NEW ONE CALLED THE MINISTRY OF MICRO,SMALL AND MEDIUM ENTERPRISES.IN INDIA THERE ARE ABOUT 26 MILLION SUCH ENTERPRISES GENERATING ANS EMPLOYMENT OF ABOUT 60 MILLION.WHILE THEY CONTRIBUTE 8% OF OUR GDP,THEIR SHARE IN MANUFACTURED OUTPUTS IS 45% AND EXPORTS ARE 40%[PRIME MINSTER’S TASK FORCE REPORT ON MSME 2010].HOWEVER,THE SECTOR HAS LARGELY BEEN IN THE SHADOWS OF POLICY MAKING AND HAS NOT GOT THE FOCUS IT DESERVES.SOCIAL ISSUES THAT BESIEGE THE SECTOR INCLUDE LACK OF EASY ACCESS TO CAPITAL AND EQUITY MARKETS.LACK OF SKILLS AND MGT KNOW-HOW.COMPLICATED RULES,PROCESSES REGARDING TAXATION, LABOR LAWS,AND BUREAUCRATIC HURDLES.ABSENCE OF LOW COST ASSESS TO INFRASTRUCTURE AND SUPPLY CHAIN.LOW GLOBAL MARKET EXPOSURE AND TECHNOLOGY PENETRATION.

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