Budget 2021 Expectations: MSMEs, startups seek better debt access, GST relaxation, more from FM Sitharaman

Union Budget 2021-22 Expectations for MSMEs: Union budgets are events similar to annual appraisals – every employee expects a promotion, additional emoluments, or at least a pay hike, however, not all demands are met nor can an organization sustain by acceding to all requests. Our hon’ble Finance Minister, much like the CFO of the country, need to balance expectations with abilities. Unlike a CFO who has the luxury of reporting only to the informed Board, she also needs to convince the electorate that this is the best for them and the nation. India, like most nations, has used, rather over-used, tax policy to drive larger national agenda, be it the investment deductions, accelerated depreciation, or tax holidays. To give a perspective, we have had nearly 1,000 amendments and clarifications on direct taxes alone over the past decade.