EDGES
THOUGHTS, KNOWLEDGE AND INSIGHTS
NEW DEFINATION OF MSME
Businesses with investment up to Rs 10 crore, and turnover up to Rs 50 crore to be classified as small business.
Businesses with investment up to Rs 20 crore, and turnover up to Rs 100 crore to be classified as medium business.
APPLY FOR MSME REGISTRATION HERE
RELIEF PACKAGE FOR MSME
-3 L crore loans to MSME with 100 crs turnover
– 50 K crores fund of fund plan to MSME
– Tender upto 200 crs will not be process under Glover Tender process. To enable participate MSME
– eMarket Linkages as Trade Fairs for MSMEs
– Govt to clear all MSME dues in 45 days
-EPF – package announced earlier under PM Garib Kalyan Yojna will continue till Aug 2020. Those units not covered under this scheme will be paying employer contribution at 10% which was earlier 12%.
-TDS rate reduced by 25% from existing rates under different section.
-Refunds by Income tax department to charitable, non corporate business will released immediately.
-Date of filing ITR for 2019-20 extended till 30th Nov 2020. Audit report to be filed by 31st Oct 2020.
