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The Finance Ministry is contemplating a deferment of the enforcement of Rule 43B (h) under the Income Tax Act, which mandates payments to micro, small, and medium enterprises (MSMEs) within 45 days, sources informed CNBC-TV18. The proposed postponement is expected…
MSME Minister Narayan Rane launched a special scheme for informal micro enterprises (IMEs), exempted from the Goods and Services Tax (GST) regime. This scheme enables IMEs to access collateral-free loans up to Rs 20 lakh under the government’s Credit Guarantee Fund Trust for Micro…
A new law that mandates that any payment made to registered micro, small or medium (MSME) enterprises beyond 45 days of receiving goods or services will not be recognised as an expense and added to the profit of the company…
Companies filing ITR in ITR-6 to include the following additional information on cursory review : This would usher more transparency in data reporting in the ITR by all the corporates.
The textile sector has expressed concern over the impact of a new clause in the Income Tax Act, 1961, through the Finance Act 2023 on payment for goods provided by Micro and Small Enterprises (MSME). In the Finance Act 2023,…
As February 1 draws closer, stakeholders in the MSME ecosystem have been voicing their Budget 2024 demands to Finance Minister Nirmala Sitharaman to support the growth of small businesses. Among the key asks is streamlining Goods and Services Tax (GST)…
The author is delighted to present his comprehensive updated article titled “Study on MSME – A Game Changer”. The author says, “It is my earnest endeavour to share whatever knowledge I have gathered and gained for the benefit of fellow professionals and…
While small businesses continue to expect more reforms related to Goods and Services Tax (GST) in the coming year, a number of developments related to GST took place in 2023 that mattered for MSMEs. Here’s a quick recap of the year that…
The Supreme Court recently upheld the action of the Patna High Court in dismissing a writ petition filed by a taxpayer against a GST assessment order. The order in the case of Vishwanath Traders has wide ramifications for SMEs, MSMEs,…
The Reserve Bank of India (RBI) has informed all financial institutions including banks and NBFCs to treat informal micro enterprises (IMEs) not covered under the Goods and Services Tax (GST) regime or exempted from the CGST Act, 2017, but having…