2 MSMED Act

MSMED Act

Budget 2023: Tax Exemption on life insurance policies & payments to MSEs

Income Tax - Hello readers, Today I will discuss two Important Amendments made in the Union Budget out of 122 amendments as all amendments in one article not easy to digest  Article explains Rationalisation of exempt Income under life insurance policies and payments to Micro and Small Enterprises (MSEs) under section 43B of Income Tax Act, 1961 1. [&...

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Budget 2023: Great Boost to MSMEs

Income Tax - The Union Budget 2023-24 is a well Balanced People’s Budget. It has put inclusive development at the heart of the country’s economic agenda by focusing on and facilitating ample opportunities for citizens to fulfil their aspirations, providing a strong impetus to growth and job creation and ensuring that the benefits reach the last mi...

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Big Releif To MSME Under Budget 2023 – section 43B

Income Tax - As the budget announced by our Hon’ble Finance Minister on 1st February, 2023, everyone is asking what is for MSME in this budget. Here is all that you should know – 1. MSMEs get Rs. 9,000 Crores corpus for revamped credit guarantee scheme. 2. There is common practice by biggest players in industry to made […]...

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Disallowance under Section 43B Micro & Small industries – A retrograde step

Income Tax - MICRO AND SMALL ENTERPRISES – DISALLOWANCE UNDER SECTION 43B The Government has been taking various steps to protect the interest of Micro and Small enterprises under the MSMED act which interalia includes time limit for the payment, interest for the delayed payment and fast tract redressal system by name MSME Samadhan scheme etc. The P...

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Delayed payments to Micro & Small Enterprises allowable only on actual payment

Income Tax - Section 43B(h) any sum payable by the assessee to a micro or small enterprise beyond the time limit specified in section 15 of the Micro, Small and Medium Enterprises Development Act, 2006 shall be allowed as deduction only on actual payment....

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Large Companies must take responsibility to handhold MSMEs

Income Tax - Large Companies must take responsibility to handhold MSMEs, help them adapt best practices and integrate them into the supply chain ecosystem: Shri Goyal at Fourth Plenary session of B20 India Inception Meeting To become a trusted and resilient partner in global value chains, Government is focusing on creating an enabling ecosystem, that ...

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Delayed payment to MSMEs – MCA introduced MSME Form-1

Income Tax - GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS LOK SABHA UN-STARRED QUESTION NO. 2374 ANSWERED ON MONDAY, August 1, 2022/ Sravana 10, 1944 (SAKA) COMPLIANCE OF MCA RULES QUESTION 2374. SHRI D.M. KATHIR ANAND: SHRI ANURAG SHARMA: Will the Minister of CORPORATE AFFAIRS be pleased to state: (a) whether the Government has received any comp...

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Scheme Launched by Government for MSMEs

Income Tax - Government has launched a World Bank supported Central Sector Scheme called Raising and Accelerating MSME Performance (RAMP).  The scheme aims at strengthening institutions and governance at the Centre and State, improving Centre-State linkages and partnerships and improving access of MSMEs to market and credit, technology upgradation an...

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New Guidelines for Promotion of MSMEs in North East and Sikkim 

Income Tax - Central Government has approved New Guidelines of Central Sector Scheme Promotion of MSMEs in North Eastern Region and Sikkim....

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New Guidelines of MSE-CDP approved

Income Tax - Government has approved New Guidelines of Micro & Small Enterprises Cluster Development Programme (MSE-CDP), which will be implemented during 15th Finance Commission Cycle(2021-22 to 2025-26)....

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Development of skill is not the purpose to fulfilling to section 2(15)

J.K. Council for Social Welfare And Information Technology Vs CIT (Exemption) (ITAT Amritsar) - J.K. Council for Social Welfare And Information Technology Vs CIT (Exemption) (ITAT Amritsar) Brief fact of the case is that the assessee-society had submitted an application for registration u/s 12A of the Act. The primary object of the assessee is that running and maintaining institutions in rural...

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MSMED Act, 2006 overrides Arbitration Act, 1996

Gujarat State Civil Supplies Corporation Ltd Vs Mahakali Foods Pvt. Ltd (Supreme Court of India) - Supreme Court held that chapter-V of the MSMED Act, 2006 would override the provisions of the Arbitration Act, 1996. Accordingly, the Micro and Small Enterprises Facilitation Council shall have jurisdiction to proceed with the dispute covered u/s 17 of MSMED Act, 2006 despite the existence of an ind...

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75% deposit as pre-condition for admission of appeal under MSMED Act not complied- Writ Not Maintainable

Chemflo Industries Pvt. Ltd. Vs KMC Construction Ltd. and another (Orissa High Court) - Chemflo Industries Pvt. Ltd. Vs KMC Construction Ltd. and another (Orissa High Court) Petitioner submits, impugned is order dated 13th March, 2015 passed on the interlocutory application of his client made in arbitration petition (ARBP no. 122 of 2013), of purported challenge of opposite parties to ...

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Arbitration Application Maintainable Despite Pendency of Reference before MSME Council

National Collateral Management Services Limited Vs Kunj Bihari Food Processing Pvt Ltd (Jharkhand High Court) - HC held that merely because one party, has approached before MSME Council, Arbitration application cannot be held to be not maintainable...

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Court Can Extend Mandate of Arbitrator in Dispute Referred to Arbitration under MSME Act

Magirsha Industries Vs Gujarat State Fertilizer And Chemicals Limited (Gujarat High Court) - Magirsha Industries Vs Gujarat State Fertilizer And Chemicals Limited (Gujarat High Court) Issue relating to power of this Court to extend the mandate, insofar as the references made by MSME is seriously disputed by respondent counsel. Having regard to the fact that sub-section (3) of section 18 of ...

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Public Procurement Policy for Micro and Small Enterprises (MSEs) Amendment Order, 2022

Notification No. S.O. 5745(E). - (08/12/2022) - Consider the requests of the Central Ministries/ Departments/ PSUs for exemption, on a case to case basis, from procuring certain items from the reserved list for MSEs through open tendering...

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MSME benefit after upward change in investment in machinery or turnover or both?

Notification No. S.O. 4926(E) - (18/10/2022) - In case of an upward change in terms of investment in plant and machinery or equipment or turnover or both, and consequent re-classification, an enterprise shall continue to avail of all non-tax benefits of the category (micro or small or medium) it was in before the re-classification, for a period ...

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Section 8 companies cannot change objects to include Micro Finance/Credit

General Circular No. 05/2022 - (30/05/2022) - Micro Finance/Micro Credit as an object in Object Clause of Memorandum of Association (MoA) of Section 8 companies not allowed...

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Micro, Small and Medium Enterprises Fund (Amendment) Rules, 2022

Notification No. G.S.R. 389(E). - (24/05/2022) - MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES NOTIFICATION New Delhi, the 24th May, 2022 G.S.R. 389(E).—In exercise of the powers conferred by clause (c) of sub-section (2) of section 29 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006), the Central Government hereby ...

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New Definition of Micro, Small & Medium Enterprises – Clarification

RBI/2022-23/52 FIDD.MSME & NFS.BC.No.7/06.02.31/2022-23 - (19/05/2022) - Reserve Bank of India RBI/2022-23/52 FIDD.MSME & NFS.BC.No.7/06.02.31/2022-23 May 19, 2022 The Chairman/ Managing Director/Chief Executive Officer All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) All Primary (Urban) Co-operative Banks/State Co-opera...

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MSMED Act’s Popular Posts

Recent Posts in "MSMED Act"

Budget 2023: Tax Exemption on life insurance policies & payments to MSEs

Hello readers, Today I will discuss two Important Amendments made in the Union Budget out of 122 amendments as all amendments in one article not easy to digest  Article explains Rationalisation of exempt Income under life insurance policies and payments to Micro and Small Enterprises (MSEs) under section 43B of Income Tax Act, 1961 1. [&...

Read More
Posted Under: Corporate Law |

Budget 2023: Great Boost to MSMEs

The Union Budget 2023-24 is a well Balanced People’s Budget. It has put inclusive development at the heart of the country’s economic agenda by focusing on and facilitating ample opportunities for citizens to fulfil their aspirations, providing a strong impetus to growth and job creation and ensuring that the benefits reach the last mi...

Read More
Posted Under: Corporate Law |

Big Releif To MSME Under Budget 2023 – section 43B

As the budget announced by our Hon’ble Finance Minister on 1st February, 2023, everyone is asking what is for MSME in this budget. Here is all that you should know – 1. MSMEs get Rs. 9,000 Crores corpus for revamped credit guarantee scheme. 2. There is common practice by biggest players in industry to made […]...

Read More
Posted Under: Corporate Law |

Disallowance under Section 43B Micro & Small industries – A retrograde step

MICRO AND SMALL ENTERPRISES – DISALLOWANCE UNDER SECTION 43B The Government has been taking various steps to protect the interest of Micro and Small enterprises under the MSMED act which interalia includes time limit for the payment, interest for the delayed payment and fast tract redressal system by name MSME Samadhan scheme etc. The P...

Read More
Posted Under: Corporate Law |

Delayed payments to Micro & Small Enterprises allowable only on actual payment

Section 43B(h) any sum payable by the assessee to a micro or small enterprise beyond the time limit specified in section 15 of the Micro, Small and Medium Enterprises Development Act, 2006 shall be allowed as deduction only on actual payment....

Read More
Posted Under: Corporate Law |

Changes to Section 43B of Income Tax Act – Payment to MSME

New clause (h) is proposed to be inserted to Section 43B of Income Tax Act, 1961 vide Union Budget 2023 namely : Any sum payable to micro or small enterprise beyond the time limit specified in sec. 15 of MSMED. (Note that medium enterprise  are not covered) Shall be allowed on actual payment basis. Please note that proviso […]...

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Posted Under: Corporate Law |

Large Companies must take responsibility to handhold MSMEs

Large Companies must take responsibility to handhold MSMEs, help them adapt best practices and integrate them into the supply chain ecosystem: Shri Goyal at Fourth Plenary session of B20 India Inception Meeting To become a trusted and resilient partner in global value chains, Government is focusing on creating an enabling ecosystem, that ...

Read More
Posted Under: Corporate Law |

Development of skill is not the purpose to fulfilling to section 2(15)

J.K. Council for Social Welfare And Information Technology Vs CIT (Exemption) (ITAT Amritsar)

J.K. Council for Social Welfare And Information Technology Vs CIT (Exemption) (ITAT Amritsar) Brief fact of the case is that the assessee-society had submitted an application for registration u/s 12A of the Act. The primary object of the assessee is that running and maintaining institutions in rural area, and enhance the poor marginalised...

Read More

Public Procurement Policy for Micro and Small Enterprises (MSEs) Amendment Order, 2022

Notification No. S.O. 5745(E). 08/12/2022

Consider the requests of the Central Ministries/ Departments/ PSUs for exemption, on a case to case basis, from procuring certain items from the reserved list for MSEs through open tendering...

Read More

Policy Initiatives for MSMEs under GST

In general, GST Law provides for beneficial treatment of small taxpayers through various provisions of the Act. (a) No registration required for inter-state and intra-state supply of services upto R 20 Lakh (R 10 Lakh for States of Manipur, Mizoram, Nagaland and Tripura)....

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