MSMED Act

MSME Act 2006- How far it has succeeded in combating the menace of ‘Delayed Payments’

Goods and Services Tax - Inder Chand Jain The Indian Economy is passing through a period of acute recession. The Government itself has accepted that the country is gripped with recession. The sales, production, order position have gone down drastically and the MSME sector is the worst affected. On top of this, the issue of delayed payments has broken the [&hellip...

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New Cheque Bounce Provisions give MSME’s more power in Cheque Bounce Cases

Goods and Services Tax - An Amendment Act was brought by the Government to meet reducing the undue delay in the cases of dishonor of cheques and to provide payment of interim compensation to the complainants. The MSME’s in particular have been representing that due to delay tactics, easy filing of appeals and obtaining stay on proceedings, the very purpose of s...

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Zed Certification for MSMEs in Export Business (Zero Effect Zero Defect Registration)

Goods and Services Tax - Background & Benefits The ZED Certification will focus on MSMEs and small businesses. It will address the quality and ecological needs of domestic and overseas customers, society, employees, partners, regulators, and investors. VISION To enable the advancement of Indian industry to a position of eminence in the global marketplace and ...

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Monthly Reporting of Digital Payments by MSMEs: Benefits & Required Information

Goods and Services Tax - Monthly Reporting of Digital Payments by MSMEs- Benefits and Required Information In order to estimate Digital payment transactions in Micro, Small and Medium Enterprises, you are requested to furnish information about the Digital transactions made by your enterprise. The use of Digital transactions offers incentive in the form of cash ba...

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Interest equalisation Scheme for pre and post-shipment export credit

Goods and Services Tax - What is Interest equalisation Scheme (IES): There are many benefits given to exporters, specially MSME sector exporters. One of the scheme is interest equalisation scheme (IES) or also known as interest subvention.  This scheme was introduced with effect from 1st April 2015. This is a rebate of interest provided on pre and post shipment...

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Loans sanctioned in 1,33,448 cases under 59-minutes Scheme to MSME

Goods and Services Tax - Press Information Bureau Government of India Ministry of Finance 23-July-2019 17:45 IST Loans sanctioned in 1,33,448 cases under 59-minutes Scheme to MSME Out of 2,00,660 applications submitted, 1,59,583 applications for loans on the psbloansin 59 minutes.com portal have been accorded in principle approval since the launch of the portal. ...

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How to file Online Udyog Aadhaar Form

Goods and Services Tax - Guidelines for Filling the Online Udyog Aadhaar Form Note: A. EM-I has been abolished. Need not file through Udyog Aadhaar.   B. Udyog Aadhaar (UA) is for running units. No need to apply for upcoming units.  C. New Feature Added for Search Facility of NIC Code to Avoid 3 Step Selection of NIC Activities.  D. OTP […]...

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Export Promotion Council Established for MSME Sector 

Goods and Services Tax - Ministry of Micro, Small and Medium Enterprises (MSME) has recently established an Export Promotion Cell with an aim to create a sustainable ecosystem for entire MSME development.The benefits likely to accrue to the MSMEs are:...

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Join Online GST Certification Course by Taxguru & MSME Covering Recent Changes

Goods and Services Tax - Due to overwhelming response and feedback from previous batches, TaxGuru, GST Professionals and Govt. of India (Ministry of M.S.M.E) announces its Jan’ 2019 Batch for Advanced Online GST Certification Course. Learn GST in a Practical way and become an Expert in this field....

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59 minute loan, 25% procurement & other initiatives for MSMEs

Goods and Services Tax - PM launches historic Support and Outreach Initiative for MSME Sector ♣ PM unveils 12 key initiatives ♣ 59 minute loan portal to enable easy access to credit for MSMEs ♣ Mandatory 25 percent procurement from MSMEs by CPSEs ♣ Ordinance for simplifying procedures for minor offences under Companies Act The Prime Minister, Shri Narendr...

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Unregistered MSME will also be treated as ‘supplier’ u/s 2(n) of MSMED Act

M/s Ramky Infrastructure Private Limited Vs Micro And Small Enterprises Facilitation Council & ANR (Delhi High Court) - Hon'ble HC held that an entity which falls within the definition of the micro/small enterprise will be treated as a ‘supplier’ under Section 2(n) of the MSMED Act even if it has not filed a Memorandum as required under Section 8(1) of the MSMED Act....

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Continuation of Credit Linked Capital Subsidy & Technology Up-gradation Scheme- Reg.

Office memorandum No. 41(P)/NMCP/TEQUP/EFC/2017(Pt.-2) - (06/03/2019) - The Central Government has decided to continue the Credit Linked Capital Subsidy and Technology Up-gradation Scheme (CLCS-TUS) with a total outlay of Rs. 2900 crore beyond 12th Plan for three years from 2017-18 to 2019-20 recommended by the Expenditure Finance Committee (EFC)....

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MSMEs Interest Subvention Scheme: Salient features & operational guidelines

RBI/2018-19/129 DNBR (PD) CC.No.096/03.10.001/2018-19 - (22/02/2019) - Interest Subvention Scheme for MSMEs aims at encouraging both manufacturing and service enterprises to increase productivity and provides incentives to MSMEs for onboarding on GST platform which helps in formalization of economy, while reducing the cost of credit. The Scheme will be in operation for...

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MSME sector: Eligibility for loan restructuring without GST-registration

RBI/2018-19/127 DBR.No.BP.BC.26/21.04.048/2018-19 - (22/02/2019) - It is clarified that the eligibility for restructuring without GST-registration, as per the circular under reference, should be determined on the basis of exemption limit obtaining as on the date of the aforesaid circular, i.e., January 1, 2019....

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Interest Subvention Scheme for MSMEs

RBI/2018-19/125 FIDD.CO.MSME.BC.No.14/06.02.031/2018-19 - (21/02/2019) - The Scheme aims at encouraging both manufacturing and service enterprises to increase productivity and provides incentives to MSMEs for onboarding on GST platform which helps in formalization of economy, while reducing the cost of credit. The Scheme will be in operation for a period of two financial...

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Govt increases minimum MSME procurement limit, Quota for women owned MSME

S.O. 5670(E) - (09/11/2018) - Special provision for Micro and Small Enterprise owned by women. Out of the total annual procurement from Micro and Small Enterprises, 3 per cent from within the 25 per cent target shall be earmarked for procurement from Micro and Small Enterprises owned by women....

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Recent Posts in "MSMED Act"

Contradictory provisions in MSME 2006 and CGST ACT and violation of Doctrine of Unjust Enrichment

Before we understand and deep diving, let us first know what provision actually say on the above two Acts and how the breach of doctrine of unrichment happening….. Sec 15 of Micro, Small and Medium Enterprises Development Act, 2006 states on the Liability of buyer to make payment.- “Where any supplier, supplies any goods or […]...

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Posted Under: Corporate Law

How to recover Delayed Payment by MSME

Background: Hope all of you are doing great, this write up will be helpful for the small businesses that are searching to recover their outstanding from corporate and other entities. Government of India has taken number of measures for the promotion and development of MSME ie., Micro, Small and Medium Enterprises as it is being […]...

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Posted Under: Corporate Law

MSME Act 2006- How far it has succeeded in combating the menace of ‘Delayed Payments’

Inder Chand Jain The Indian Economy is passing through a period of acute recession. The Government itself has accepted that the country is gripped with recession. The sales, production, order position have gone down drastically and the MSME sector is the worst affected. On top of this, the issue of delayed payments has broken the [&hellip...

Read More
Posted Under: Corporate Law |

New Cheque Bounce Provisions give MSME’s more power in Cheque Bounce Cases

An Amendment Act was brought by the Government to meet reducing the undue delay in the cases of dishonor of cheques and to provide payment of interim compensation to the complainants. The MSME’s in particular have been representing that due to delay tactics, easy filing of appeals and obtaining stay on proceedings, the very purpose of s...

Read More
Posted Under: Corporate Law |

Loans sanctioned in 1,33,448 cases under 59-minutes Scheme to MSME

Press Information Bureau Government of India Ministry of Finance 23-July-2019 17:45 IST Loans sanctioned in 1,33,448 cases under 59-minutes Scheme to MSME Out of 2,00,660 applications submitted, 1,59,583 applications for loans on the psbloansin 59 minutes.com portal have been accorded in principle approval since the launch of the portal. ...

Read More
Posted Under: Corporate Law |

Zed Certification for MSMEs in Export Business (Zero Effect Zero Defect Registration)

Background & Benefits The ZED Certification will focus on MSMEs and small businesses. It will address the quality and ecological needs of domestic and overseas customers, society, employees, partners, regulators, and investors. VISION To enable the advancement of Indian industry to a position of eminence in the global marketplace and ...

Read More
Posted Under: Corporate Law |

Monthly Reporting of Digital Payments by MSMEs: Benefits & Required Information

Monthly Reporting of Digital Payments by MSMEs- Benefits and Required Information In order to estimate Digital payment transactions in Micro, Small and Medium Enterprises, you are requested to furnish information about the Digital transactions made by your enterprise. The use of Digital transactions offers incentive in the form of cash ba...

Read More
Posted Under: Corporate Law |

Interest equalisation Scheme for pre and post-shipment export credit

What is Interest equalisation Scheme (IES): There are many benefits given to exporters, specially MSME sector exporters. One of the scheme is interest equalisation scheme (IES) or also known as interest subvention.  This scheme was introduced with effect from 1st April 2015. This is a rebate of interest provided on pre and post shipment...

Read More
Posted Under: Corporate Law |

MSME SAMADHAAN- Delayed Payment Monitoring System

If you are MSME Registered Enterprise, then you can take action for non-payment of due amount along with Interest. The Government under MSMED Act, 2006 (Dealing with Delayed Payment) provides facility to MSME Registered Entities to file the case for non payment of due amount along with interest as per the provisions under MSMED Act, 2006....

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Posted Under: Corporate Law |

GST on MSME Sector- Complete Analysis with FAQs

Article contains Provisions applicable to a MSME related to GST Registration, Composition Levy Scheme, Input Tax Credit, Tax Invoice in GST, Exemption from Compulsory Audit by CA for MSME Sector, Returns in GST and Measures taken for the MSME Sector under GST. Article further contains Major Decisions of the GST Council related to MSME on ...

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