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Msme benefits

S.RAMA (BOOK KEEPING & TAX CONSULTANT) (88 Points)

12 January 2021

whether MSME s are exempted from collecting and paying gst .

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5 Replies

Hardik Sukhadiya (4 Points)
Replied 12 January 2021

No. No such exemption is given

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 12 January 2021

No there is no such exemption

S.RAMA (BOOK KEEPING & TAX CONSULTANT) (88 Points)
Replied 13 January 2021

tnx for ur replies.

pls let know the benefits and concessions that r available for MSMEs. in gst and income tax is concerned.

Vijay Sharma (175 Points)
Replied 15 January 2021

The benefits are as follows:-

1.Protection against delay in payment.
2.Fast resolution of disputes
3.Collateral Free loans from bank
4.Exclusive consideration for participating in international trade fair
5.Octroi benefits
6.Waiver of Stamp duty and Registration fees
7.Several Exemption under Direct Tax Laws
8.Barcode registration subsidy
9.Subsidy on NSIC Performance and Credit ratings
10.Counter Guarantee from GoI through CGSTI
11.Reduced rate of interest from banks
12.15% subsidy under CLCSS scheme for technology upgradation
13.Exemptions while applying for Government tenders
14.Concession in Electricity Bills
15.Reimbursement of payment made for obtaining ISO certification
16.1% exemption in interest on OD
17.Increasing eligible loan limit for optimal reasons, from the amount of Rs. 25 lakh to Rs. 50 lakh
18.Raising the extent of guarantee cover from 75 % to 80 %
19.Reservation of products for exclusive manufacturing by MSME/SSI
20.Easier registration and approvals to obtain Licenses
21.Eligible for IPS subsidy
22.Preference in allocation of Government tenders
23.Excise Exemption Scheme
24.Reduced rate of interest from banks
25.50% subsidy for patent registration