MSME

Breaking: Government Extends Validity Of Existing MSME Registration

Breaking: Government Extends Validity Of Existing MSME Registration

Government amends the guidelines for registration of existing enterprise under MSME Ministry Notification dated June 26, 2020; States that the existing enterprises (MSMEs) registered prior to June 30, 2020, shall continue to be valid for a period up to March 31, 2022 (earlier, March 31, 2021): Ministry of MSMEs Vide Notification dated June 26, 2020, …

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MSME - INCENTIVES AVAILABLE MSMEs INDUSTRY

MSME – INCENTIVES AVAILABLE MSMEs INDUSTRY

The Ministry of Micro, Small and Medium Enterprises (MSME) has implemented various programmes/ MSME schemes for the development and promotion of MSMEs Industry across the country. One of the pressing issues that is impeding the growth of MSMEs in India is the lack of modern technology and equipment. To provide immediate relief to the MSME …

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Must read – To know how much Contribution of MSMEs to GDP

Press release issued regarding contribution made by MSME towards GDP. Read below Ministry of Micro,Small & Medium Enterprises Contribution of MSMEs to GDP Posted On: 09 AUG 2021 2:54PM by PIB Delh As per the information received from Central Statistics Office, Ministry of Statistics & PI, Share of MSME Gross Value Added (GVA) in All …

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Impact of COVID-19 Pandemic on MSMEs and initiatives taken by the Government to reduce the same

As per Udyog Aadhaar Portal (since inception October 2015 to June 2020), the number of Micro, Small and Medium Enterprises (MSMEs) registered in All India was 102,32,468.            On 1st July, 2020, after adoption of new definition of MSMEs, a new registration portal ‘Udyam Registration’ has been launched by M/o MSME and so far 41,37,443 …

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retail and wholesale business under the category of Micro, Small and Medium Enterprises (MSMEs)

RBI has issued a notification to bring retail and wholesale business under the category of Micro, Small and Medium Enterprises (MSME), Get many benefits

The Reserve Bank of India has issued a notification to bring retail and wholesale business under the category of Micro, Small and Medium Enterprises (MSMEs). With this, retail and wholesale business will get the benefit of priority sector loans as per the guidelines of the Reserve Bank. Earlier, on July 2, the Ministry of Micro, …

RBI has issued a notification to bring retail and wholesale business under the category of Micro, Small and Medium Enterprises (MSME), Get many benefits Read More »

Arbitration under MSMED Act

Retail and Wholesale trades to be included as MSMEs: Govt Announces

Minister of MSME and Road Transport and Highways Shri Nitin Gadkari today announced revised guidelines for MSMEs with inclusion of Retail and Wholesale trades as MSMEs. In a Tweet he said under the leadership of PM Shri Narendra Modi Ji, we are committed to strengthening MSME and making them engines for economic growth. Shri Gadkari …

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Union minister – Nitin Gadkari calls for creation of rating systems for MSMEs & dashboard for effective monitoring of schemes

Union minister for MSMEs Nitin Gadkari calls for creation of rating systems for MSMEs & dashboard for effective monitoring of schemes    Key Highlights  Nitin Gadkari calls for creation of rating system for MSMEs Nitin Gadkari proposed setting up of dashboard for monitoring schemes to prevent delays in decision making .  Nitin Gadkari has asked …

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MSME Relaxation: Extension of Validity of UAM’s till 31.12.2021

MSME Relaxation: Extension of Validity of UAM’s till 31.12.2021 Ministry of Micro, Small and Medium Enterprises Extends Validity of Udyog Aadhaar Memorandum from 31st March, 2021 to 31st December, 2021. Ministry of Micro, Small and Medium Enterprises vide notification no. 2347(E) dated 16.06.2021 & F. No. PY-10024/6/2021-P and G-DCMSME, made amendment to the original notification …

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MSME Ministry

Validity of Udyog Aadhaar Memorandum extended from 31st March, 2021 to 31st December, 2021

The Ministry of Micro, Small and Medium Enterprises has issued an amendment to the original notification No. S.O. 2119 (E) dated 26.06.2020 vide 2347(E) dated 16.06.2021, extending the validity of EM Part-II and Udyog Aadhaar Memorandum from 31.03.2021 to 31.12.2021. This would facilitate the holders of EM Part-II and Udyog Aadhaar Memorandum to avail benefits …

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Nitin Gadkari says road infrastructure is being developed faster, safer and more sustainable than ever before

Only Aadhaar, PAN Card required for MSME registration

The government has simplified the registration process for micro, small and medium enterprises (MSMEs) and they will now only need to furnish PAN and Aadhaar to register. Addressing a webinar of SMEStreet GameChangers Forum on Tuesday, Shri Gadkari  announced simplification of the process for registration of Micro, Small and Medium Enterprises .He said that now …

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MSME Registration process simplified

Addressing a webinar of SMEStreet GameChangers Forum on Tuesday, Shri Gadkari  announced simplification of the process for registration of Micro, Small and Medium Enterprises .He said that now only PAN and Aadhaar will be required for registration of MSMEs. The Minister added that after getting registered, the MSME unit will be getting priority and finance. …

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Nirmala Sitaraman

Union Finance Minister chairs meeting to discuss infrastructure road map ahead

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman on Friday held a virtual meeting with senior government officials to discuss the infrastructure roadmap ahead. This was the fourth review meeting by the Finance Minister with Ministries/Departments and second in the series of meetings scheduled on the infrastructure roadmap ahead after the presentation of …

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RBI

RBI Monetary Policy Committee maintain status quo keeps Repo rate unchanged at 4%

The Monetary Policy Committee (MPC) met on 2nd, 3rd and 4th, June 2021 and took stock of the evolving macroeconomic and financial conditions as well as the impact of the second wave of the pandemic. The Governor of the Reserve Bank of India, Shri Shaktikanta Das has announced that the Monetary Policy Committee voted unanimously …

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Ministry of Chemical and Fertilizers

Operational guidelines for Production Linked Incentive Scheme of Pharmaceuticals issued

Based on a series of consultations with pharmaceutical industry and stakeholders in the Government, the operational guidelines for the Production Linked Incentive Scheme have been prepared and issued on 1st June. The scheme is now open to applications from the industry. According to the press release by PIB, the applications are invited in three groups …

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Monthly GST return filing deadline extended till June 26

Reply to a RTI Application Reveals that More Than Rs 100 Crore has been Collected by the Government as Late Fees in GST Returns from April 2019 to April 2021

A professional Mr. Pallaav Parashar filed a RTI application to seek information regarding collection of late fees in GST by the government. According to the reply filed by the government, it reveals that government has collected Rs. 1,07,02,47,136 as late fees in GST returns from April 2019 to April 2021. In a tweet by Mr. …

Reply to a RTI Application Reveals that More Than Rs 100 Crore has been Collected by the Government as Late Fees in GST Returns from April 2019 to April 2021 Read More »

CBIC

Enhancement of facilities under the Customs(Import of Goods at Concessional Rate of Duty) Rules,2017

The Finance Minister had in her Budget Speech this year announced that the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 (IGCR, 2017) would be amended to boost trade facilitation. Accordingly, the Central Board of Customs and Indirect Taxes( CBIC) had immediately enhanced the scope of these rules on 2nd February 2021. …

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Compilation of Reliefs Provided in GST Compliance as well as GST Payment in the Wake of Second Wave of COVID-19

As Indian businesses are severely affected from the second wave of COVID-19, the government has provided reliefs in GST compliance as well as payment. The compilation of these reliefs are as under for the kind reference of taxpayers and professionals: (1.) Waiver of interest and late fee to normal taxpayers (filing return on monthly or …

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GSTIN not Mandatory for MSME Udyam Registration

The Ministry of Micro, Small, and Medium Enterprises (MSME) notified that GSTIN is not Mandatory for MSME Udyam Registration. The Central Government amended in the notification of Government of India, Ministry of Micro, Small and Medium Enterprises number S.O. 2119 (E), dated the 26th June, 2020. In the said notification, in paragraph (5), after sub-paragraph …

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COVID-19 MINISTRY OF FINANCE

Over Rs 26k crore MSME dues cleared during May-Dec 2020 but govt can’t force buyers to pay: MoS Finance

Credit and Finance for MSMEs: 4,72,035 invoices involving Rs 10,285 crore were discounted via TReDs platform from April till December 2020. TReDs allows MSMEs to discount their invoices and raise short-term credit from banks to tide over their delayed payment issue. Central ministries and central public sector enterprises (CPSEs) have cleared MSME dues worth Rs …

Over Rs 26k crore MSME dues cleared during May-Dec 2020 but govt can’t force buyers to pay: MoS Finance Read More »

Attention: Proposed Amendments in the CGST Act, 2017 in the Budget 2021-22 for which Strong Representation is Required Immediately

(1.) Insertion of Sub-section (12) in Section 75: As per the proposed amendment in section 75, if any registered person uploaded invoices in GSTR-1 and forget to amend/ remove them/ upload credit note issued against that invoice till the specified date but paid tax as per net output, then this will be deemed as self-assessment tax and recovery provisions will enforced on that registered person without any show cause notice.

Budget 2021: Alarming Situation for Taxpayers Registered under GST

With the insertion of Clause(aa) in Section 16(2) of the CGST Act by the Finance Act, 2021, now it is clear that Input Tax Credit (ITC) claimed on the basis of invoices which are not uploaded by the supplier in his GSTR-1, is required to be reversed and tax/interest/penalty has to be paid under section 73(5) of the CGST Act.

No Relief to GST Sector: Key Highlights of Union Budget 2021

No Major Relief to GST Sector: Key Highlights of Union Budget 2021

(1.) ITR filing exemption to citizens aged 75 years and above (only if income from pension and interest).

(2.) New period for re-opening of assessment for transparent tax system : Reopening of assessment period reduced from 6 years to 3 years except in the cases where tax evasion is 50 lakh or more (re-opening of assessment period is 10 years in these cases).

(3.) Constitution of Dispute Resolution Committee (for taxpayers having taxable income of 50 lakh and above and disputed income is 10 lakh).

Railway Minister Piyush Goyal Praises Chartered Accountants for their Contribution in Nation Building and Offer them to Join Public Service

While speaking at ICAI’s residential meet of Chartered Accountant members in public service, he praises Chartered Accountants for their role in nation building and also offer them to join public service.

Tax Associations Come Together against Wrong Implementation of Tax Laws in India

Tax Associations Come Together against Wrong Implementation of Tax Laws in India

Tax Associations Come Together against Wrong Implementation of Tax Laws in India As we all know that tax implementation in our country is very poor. When portals are not working, government extend due dates but when taxpayers are not able to do compliance due to any reason/ pandemic, government is not extending due dates and …

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Udyam Registration

What is Udyam Registration?

The idea behind introducing Udyam Registration was to simplify the procedural that business owners had to go through to register their business under Micro Small Medium Enterprise (MSME). The procedural format was quite hectic and a time-consuming bureaucratic process that used to require handling of lots of paperwork. However, with the introduction of Udyam Registration, …

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Tax Concept is Inviting Ideas/ Suggestions/ Proposals from Professionals Across the Country

Tax Concept is Inviting Ideas/ Suggestions/ Proposals from professionals across the country, so that we can submit these suggestions etc. to the Ministry of Finance on behalf of the Professional Community for the Union Budget 2021-22. The last date for the same is 25th November, 2020 (11.00 PM). To submit suggestions etc., please fill the …

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MSME Ministry introduces Artificial Intelligence (AI) and Machine Learning (ML)...

MSME Ministry introduces Artificial Intelligence (AI) and Machine Learning (ML)

Key highlights: MSME Ministry introduces Artificial Intelligence (AI) and Machine Learning (ML) strengthening its Single Window System Portal ‘Champions’ to assist MSMEs of the country Ministry implements AI & ML tools to get insights into MSME related issues and grievances for their quick and effective resolution; AI & ML analytics can be seen at the …

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PROGRESS REPORT OF AATMANIRBHAR BHARAT PACKAGE

Progress Report of AatmaNirbhar Bharat Package Ministry of Finance, vide press release id 1638112 dated 12th day of July, 2020 has issued a “Progress Report of AatmaNirbhar Bharat Package”and Finance Minister Smt. Nirmala Sitharaman reviews implementation of AatmaNirbhar Bharat Package pertaining to Ministries of Finance & Corporate Affairs. Announcement made by Prime Minister Shri Narendra …

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UNDERSTANDING OF LOAN FOR MICRO UNITS (PART OF MSME)

UNDERSTANDING OF LOAN FOR MICRO UNITS (PART OF MSME)

Understanding of Loan for Micro Units (Part of MSME) MUDRA LOAN : MUDRA stands for Micro Units Development & Refinance Agency Ltd. It is an NBFC supporting development of micro enterprise sector in the country. PURPOSE OF MUDRA LOAN : MUDRA loan is extended for a variety of purposes which result in income generation and …

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