Micro,
Small or Medium Enterprises, popularly known as MSME’s, are the mainstay of any
economy which accelerates the growth of Industrial Sector in the long run,
thereby encouraging unbiased economic development. Therefore, numerous
subsidies-schemes and incentives have been launched by The Government of India
to support and publicize MSMEs through MSMED Act 2006.
Formerly
registration under MSME sector had to be done under two stages (EM-1 and EM-2),
which now stands revoked and has been replaced by ‘Udyog Aadhaar Scheme’ –
registration of which is linked with Aadhaar Number. Nevertheless, eligibility
norms for registration vary separately for a SSI/MSME unit in Manufacturing
sector than in Services sector. Although not mandatory to obtain such
registration, still it is highly advisable to obtain the same for the very
purpose of enjoying various benefits given by both Central & State
Government and which have been explained further down this page.
The
Credit Guarantee Scheme, introduced
by the Central Government to support MSMEs, has been modified to make it more lucrative
for such small traders –
Under
this scheme, optimal eligibility loan shall get enhanced from Rs.25 lakhs to
Rs.50 lakhs. One time guarantee for loans availed of by MSME in North-Eastern
Region of India reduced from 1.5% to 0.75%. Increase in guarantee cover to the
extent of 80% from 75% for medium and small scale enterprises operated by
women, micro enterprises for loans up to 5 lakhs and loans obtained in
North-Eastern Region of the country.
In
regard to the above mentioned scheme, some of the support services have been
provided by State Governments also such as extension in credit facilities,
industrial extension support & services, provision of training facilities,
assistance for construction of industries in underdeveloped areas, technical
consultancy, assistance in capital for enhancement of technology in MSME and
many more.
Units
or enterprises will be able to seek information and apply online about various
services being offered by all Ministries and Departments through Udyog Aadhaar
Registration. Procedure of obtaining Udyog Aadhaar Number is paperless, free of
cost and result in instantaneous registration. Through this number all units or
enterprises will be able to file and register themselves to access other
services also.
Do not miss our next update on Latest Amendments.
You
may drop in your queries at team@clicknfile.in
or directly get in touch with our finance/tax experts @ 8872032114, 8872032116,
8872013116
Some recent updates that you would not like to miss
–
1. Income
Tax Department identifies 17.92 Lakh persons whose tax profiles were not in
line with the cash deposits made by them during the demonetization period under
Operation Clean Money.
2. If an individual buys a car for personal use and
after a year sells it to a car dealer. This transaction cannot be treated as a
supply under GST because supply is not made by the individual in the course or
furtherance of business. Further, no input tax credit shall be admissible on
such car at the time of its acquisition as it is meant for non-business use.
3. No
GST shall be leviable on Education & Health Care provided by Government or
its Authority, Local Authority (Schedule IV). However, such services provided
by any other body may attract GST.
4. Parliament
passes Maternity Benefit Bill to provide 26-weeks paid leave, creche in office,
to be effective once the President gives his assent.
5. CBDT
clarifies that Existence of undisclosed bank deposits shall not be mandatory on
the date of Pradhan Mantri Garib Kalyan Yojna (PMGKY) Payment.
6. Under
GST, there shall be no threshold for persons responsible for deduction or
collection of tax at source under existing GSTIN or separately registered for
TDS/TCS.
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