Going digital can help MSMEs to reduce burden of GST compliance
India | April 28, 2021 17:33 ISTDigitisation has become an inevitable necessity for MSMEs to fulfil the GST compliance requirements.
Digitisation has become an inevitable necessity for MSMEs to fulfil the GST compliance requirements.
MSMEs are considered to be engines of economic growth that promote equitable development. Yet, several of these enterprises are struggling to make ends meet on account of the outbreak of the global pandemic and facing a lack of liquidity. This has made it necessary to restructure the ways by which micro, small and medium-sized companies can more easily rebuild and relaunch their businesses. Digital transformation can play a defining role here.
According to the ordinance, it is considered expedient to provide an efficient alternative insolvency resolution process for MSMEs to ensure quicker, cost-effective and value maximising outcomes for all stakeholders, in a manner that is least disruptive to the continuity of their businesses and which preserves jobs.
Under the partnership, Vayana Network will provide its unique SCF solutions to Bank of Maharashtra supported by Vayana’s technology and service expertise. The SCF solutions will include vendor and dealer financing programs across bank’s network of 1,870+ branches across the country
Union Road Transport and Highways and MSME Minister Nitin Gadkari said on Tuesday that the government is trying to create five crore jobs in the next five years. He said that the turnover of rural industries is Rs 80,000 crore, which is targeted to be Rs 5 lakh crore in the next five years. For this, work is going on in a planned way in agriculture and rural areas.
Social media is abuzz with rumours and users must take certain things with a pinch of salt and scrutinise the piece of information coming their way. A letter purportedly issued by the Ministry of Micro, Small and Medium Enterprises (MSMEs) is doing the rounds on social media. The "approval letter" talks of granting loan and thereafter charging a processing fee. But how true is it? Does the ministry even deal with individual beneficiaries?
State Bank of India is working on setting up an e-commerce portal for marketing of products manufactured by micro, small and medium enterprises (MSMEs) in the country, its chairman Rajnish Kumar said on Saturday.
Union Minister Nitin Gadkari on Wednesday launched the Credit Guarantee Scheme for Sub-ordinate Debt to provide Rs 20,000 crore of guarantee cover to two lakh micro, small and medium enterprises.
Airtel Payments Bank on Monday launched 'Suraksha Salary Account', an innovative salary account services for the Micro, Small and Medium Enterprises (MSME).
Profits derived from the exports of products by micro, small and medium enterprises (MSME) will be excluded from the overall turnover of a company, said Union Minister incharge of MSME sector Nitin Gadkari
The Micro and Small Enterprises Facilitation Council on Saturday warned that the delay in payments for supplies received from the Micro Small and Medium Enterprises would invite heavy penalty against defaulting buyers.
Finance Minister Nirmala Sitharaman on Wednesday announced an economic relief package amid nationwide coronavirus lockdown in which her prime focus was on to save jobs in the MSME sector and help it to get back on track.
State Bank of India (SBI), the country's largest lender, has set a target of disbursing Rs 700 crore to MSMEs in the Mumbai circle by the end of June, to help them tide over liquidity crisis due to the COVID-19 lockdown.
The next set of stimulus measures from the government will have a clear focus on concerns of SME segments that have been hit hard due to Covid-19 outbreak and resultant nationwide lockdown.
Union Minister Nitin Gadkari on Tuesday asked India Inc to clear huge outstanding payments to micro, small and medium enterprises at the earliest in order to ease the distress in the sector and inject liquidity into market.
The Reserve Bank of India has tweaked maintenance of cash reserve ratio (CRR) norms by providing relaxation in calculation of total deposits. The move will encourage lending towards these targeted sectors having multiplier effect by banks as they will get exemption in CRR over incremental lending.
Union Minister of State for Micro, Small and Medium Enterprises (MSME) and Animal Husbandry, Dairying and Fisheries, Pratap Chandra Sarangi on Tuesday called on Arunachal Pradesh Governor Brig. B.D. Mishra (Retd.) at Raj Bhavan. During the meeting, they discussed self-employment and financial empowerment of youth through MSME and Fisheries and dairy development in Arunachal Pradesh. Mishra emphasised that special efforts must be made in capacity building of unemployed and underemployed youth of the State through MSME programmes. He said that through MSME schemes, the youth will have opportunities to become entrepreneurs and in turn, can provide jobs to others as well.
The new definition is likely to be effected through an amendment to the MSME Act and may lead to further improvement in India's ease of doing business scenario.
The Small and Medium scale enterprise sector is one of the fastest growing segments of the Indian manufacturing industry. Currently, it contributes to almost 40% of the nation’s GDP and employs almost 109 million people across the country.
Gadkari, who is road transport & highways and MSME minister, was speaking during the 114th Annual Session of PHD Chamber of Commerce and Industry here.
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