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The incentives announced for the Micro, Small and Medium Enterprises (MSMEs)-- including sanctioning of loans up to ₹ 1 crore in 59 minutes and extending 2 per cent interest rebate on loans--in the interim budget for 2019-10 announced on Friday, are all part of the package already announced by the Prime Minister in November last year.
“The only new measure that has been announced is that traders and small service providers with turnover below ₹ 5 crore can now file their GST returns quarterly instead of monthly. This will save costs as well as time of small players,” said Anil Bhardwaj from the Federation of Indian Micro, Small and Medium Enterprises.
“Recently, a scheme of sanctioning loans up to Rs 1 crore in 59 minutes has been launched. GST-registered SME units will get 2 per cent interest rebate on incremental loan of ₹ 1 crore. The requirement of sourcing from SMEs by Government enterprises has been increased to 25 per cent. Of this, the material to the extent of at least 3 per cent will be sourced from women owned SMEs,” said Piysh Goyal, stand-in Finance Minister, in his Budget speech.
CAIT Secretary General Praveen Khandelwal said that the interim budget had neglected the trading community and had highly disappointed 7 crore traders across the country.
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