GST

Special Benefits and Exemptions Schemes for MSMEs

Under Goods and Services Tax (GST) Act, Micro & Small units with turnover up to Rs. 1.5 crore are allowed to avail benefits under the composition scheme, this was informed by Union Minister for Ministry of Micro, Small and Medium Enterprises (MSME), Mr. Nitin Gadkari in the Rajya Sabha informed that MSME Ministry has launched the Interest Subvention Scheme for new and incremental credit to MSMEs under which 2% interest subvention is provided to all eligible units having Udyog Aadhar Number (UAN) and GST registration. The banks have designated senior level officers to do in-depth analysis of the progress made in the availability of credit to the MSMEs.