PM Mudra Loan:The central government has increased the Mudra loan scheme for small and micro industries to Rs 20 lakh. Earlier the limit of Mudra loan was only Rs 10 lakh. However a loan of Rs 20 lakh will be given only to those who have repaid the loan of Rs 10 lakh taken earlier on time.
A big relief has been given to small and micro industries by the central government, under this now the limit of Mudra loan has been increased to Rs 20 lakh. Till now the limit of Mudra loan was Rs 10 lakh. In this, only those people will get a loan of Rs 20 lakh, who have previously taken a loan of Rs 10 lakh and repaid it. Provision for this has also been made in the Union Budget.
Under the Pradhan Mantri Mudra Loan, Mudra loan can be taken from the nearest branch office of any bank, NBFC, MFI etc. Also, application can be made on the Udyamimitra portal.
A new system is also being made for issuing bank loans. At the same time, efforts are being made to include buyers in the traders platform as well. Under this, the turnover limit will be reduced from 500 crores to 250 crores.
Urla Industries Association President Ashwin Garg said that these schemes will provide a lot of relief to small and micro entrepreneurs. Along with this, the pace of MSME will also increase.
They will get help
Financial assistance will also be given to encourage entrepreneurs in the field of MSME. Under this, 50 multi-product food irradiation units will have to be established. Entrepreneurs say that this will provide a lot of relief to small and micro industries.
Payment has to be made in 45 days, otherwise it will be added to the income
According to Section 43B (H) of the Income Tax Act, if a big company does not make payment to an MSME on time, then in the case of a written agreement, it will not be able to deduct that expense from its taxable income within 45 days. That is, that amount will be added to its income.
GST rules will change from Sunday
A new rule has come into effect for GST taxpayers from September 1. Under the new rule, taxpayers will have to upload the details of their valid bank account in the GST portal within 30 days of getting the registration. If the taxpayers do not do this, then they will not be able to fill the GSTR-1 form.
GST officials say that the main objective behind implementing this rule is to curb GST thieves. Currently, a special campaign is also being run by GT to catch tax thieves.