Union budget 2019 has brought early Diwali for MSMEs in India. The Economic Survey 2018-19 pointed out the need to promote start-ups to boost job creation. In the view of the same, Finance Minister Nirmala Sitharaman today announced several measures to benefit the MSMEs and start-ups, and to bolster their growth. Let’s take a look at the key benefits for MSMEs and start-ups in the budget 2019:

  • FM has proposed to start an exclusive TV channel for MSMEs and start-ups under Doordarshan. It will provide a platform for MSMEs to disseminate information in the industry and grow.

  • The Interest Subvention Scheme will be expanded to all districts in India.

  • One woman in every SHG shall be made eligible for a business loan of up to Rs. 1 lakh under MUDRA scheme.

  • Government plans to initiate an e-commerce payment platform for MSMEs. Through this portal, MSMEs will receive a boost as the delays in the payments to them will be eliminated.

  • Small traders and shopkeepers with an annual turnover of Rs. 1.5 crore or less will get pension under the Pradhan Mantri Kisan Maan-Dhan Yojana. This scheme is most likely to benefit approximately three crore shop owners.

Instant Business Loan

  • Loan of Rs. 1 crore will be cleared for MSMEs within 59 minutes through the online portal.

  • If the start-ups and investors once file requisite declaration, they will not be subjected to scrutiny (concerning the valuation of the premium share). A mechanism of e-verification will be initiated. If a startup raises funds, it will not require any tax scrutiny.

  • To reduce taxpayer harassment, a faceless income tax assessment in electronic media will be launched this year.

  • To FastTrack the pending reviews and cases related to start-ups, a special arrangement will be made by CBDT.

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The first union budget 2019 presented by the new finance minister Nirmala Sitharaman is all about assigning the public funds for the future of the country.

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Source: Retail Economic Times