whether MSME s are exempted from collecting and paying gst .
Replies (5)
Quick Summary
This discussion clarifies that MSMEs are not exempt from GST collection and payment. However, it details numerous benefits and concessions available to MSMEs, covering areas like protection against delayed payments, dispute resolution, collateral-free loans, and subsidies for technology upgrades and certifications. It also touches upon exemptions in direct tax laws and preferences in government tenders, with a specific query about electricity concessions for registered MSME hospitals.
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