Govt ties up with foreign labs to promote NIFTEM-made products (See 'TOG News')Mumbai Police to operate UAVs to enhance women's safetyGovt adopts cloud technology to boost e-governance (See 'TOG News')Govt prioritizes state-run DISCOMs for allotment of coal (See 'TOG News')TP - Without any agreement between assessee & its AEs, AMP expenses incurred by assessee cannot be termed as 'international transaction' & do not attract TP adjustment: ITAT (See 'TOG Latest')I-T - AO cannot make disallowance u/s 14A r/w Rule 8D when determining receipt of exempt income without examining a scheme in which assessee had invested: ITAT (See 'TOG Latest')Customs - The issue of determining classification of imported products, where involving appreciation of facts, does not warrant interference of writ court: HC (See 'TOG Latest')Central Excise - Exemption under Notfn No 89/95-CE can be claimed on waste generated during anufacture of Fatty acids, Wax, Gums & Spent earth: CESTAT (See 'TOG Latest')A Basic Primer on GDPR and its Relevance to the Indian Context (See 'TOG INSIGHT')India-CLMV business meet held in Cambodia to boost trade ties (See 'TOG News')TP - Order passed to reopen assessment where based on existing information, can be construed as 'change of opinion' & so non est in law: ITAT (See 'TOG Latest')I-T - An order of release passed u/s 132B is required to consider existing liabilities only & not those arising in future: HC (See 'TOG Latest')Central Excise - Partial exemption from duty cannot be interpreted as a complete exemption from duty: CESTAT (See 'TOG Latest')Service Tax - An officer of Additional Commissioner rank is empowered to rectify an error apparent from record in an Order-in-Original, within 2 years of it being passed: HC (See 'TOG Latest')Bring Diesel & Petrol under GST to cut prices: Fadnavis (See 'TOG News')
Tax on Go
Budget 2015
Click the banner to download Documents


Increased budget to PMEGP to create about 5 lakh jobs
By TOG News Service
Feb 14, 2018

 TOG News Service, NEW DELHI, FEB 14, 2018: THE Chairperson of the Khadi and Village Industries Commission (KVIC), Mr Vinai Kumar Saxena, today stated that the 78% hike in budgetary allocation to the Prime Minister's Employment Generation Programme, would lead to an increase in about 5 lakh jobs through about 75000 enterprises. The Union Budget 2018 saw an allocation of Rs 1800 crores, compared to the Rs 1024 crores in the previous year's budget.

He further stated that under the SFURTI (Scheme of Fund for Regeneration of Traditional Industries) scheme, the budget proposed an increase in allocation to Rs 125 crore, as against Rs 75 crore last year. Moreover, under the Aspire scheme to promote rural entrepreneurship, the funds have been increased to Rs 232 crore in 2018-19 in comparison to Rs 50 crore in the previous fiscal. Touching upon the Khadi schemes, he stated that the Union Budget proposed an allocation of Rs 122 crore for 2018-19 in comparison to last fiscal where it was allotted Rs 30 crore. The village industries schemes grant received Rs 110 crore in this year's budget compared to Rs 34 crore in 2017-2018, thus marking an increase of 223%.

Besides this, the Finance Ministry has also proposed to lower corporate tax rate to 25% for businesses with a turnover of upto Rs 250 crore, which would benefit the entire MSME sector which accounts for 99% of companies filing taxes. However, for businesses with over Rs 250 crore turnover 30 per cent tax remains.

Expressing his gratitude for the increased allocation of funds, Mr Saxena stated that the Narendra Modi considered Khadi as a tool for economic transformation of the country and KVIC would leave leave no stone unturned to follow and implement his vision.