The major focus areas of the Union Budget
Strengthening MSMEs, Lowering Corporate Tax Make in India, with particular emphasis on Micro, Small and Medium Enterprises, is one of the major focus areas of the Union Budget this year. Delivering her budget speech in Parliament today, Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman announced various proposals aimed at strengthening the sector. For ease of access to credit for MSMEs, Government has introduced scheme for providing of loans upto Rs. 1 crore within 59 minutes through a dedicated online portal. Under the Interest Subvention Scheme, Rs. 350 crore has been allocated for FY 2019-20 for 2% interest subvention for all GST registered MSMEs, on fresh or incremental loans. The Finance Minister also announced the Government’s intent to create a payment platform for MSMEs to enable filing of bills and payment on the platform itself to eliminate delays in government payments. The Finance Minister further informed that the Government has...