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₹ 9000 CRORE FOR REVAMPED CREDIT-GUARANTEE SCHEME TO MSMEs ₹ 2 LAKH CRORE ADDITIONAL COLLATERAL-FREE CREDIT TO MSMEs RELIEF PROPOSED FOR MSMEs UNDER VIVAD SE VISHWAS I AND II SCHEMES RELIEF TO MSMEs, START-UPS AND PROFESSIONALS THROUGH EASE OF DOING BUSINESS NATIONAL FINANCIAL INFORMATION REGISTRY TO BE SET UP SLEW OF INITIATIVES TO ENHANCE BUSINESS ACTIVITIES IN GIFT IFSC PUBLIC CONSULTATION TO OPTIMISE FINANCIAL SECTOR REGULATIONS While presenting the Union Budget 2023-24
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FAQ :
The Union Budget 2023-24 proposes an infusion of £9000 crore into the corpus of the revamped credit guarantee scheme for MSMEs.
This infusion will enable an additional £2 lakh crore in collateral-free guaranteed credit for MSMEs, and is expected to reduce the cost of credit by about 1%.
For MSMEs that failed to execute contracts during the Covid period, 95% of the forfeited bid or performance security amount will be returned by government and government undertakings. A voluntary settlement scheme with standardised terms will also be introduced to settle contractual disputes involving arbitral awards under challenge.
Yes, the presumptive taxation limits are enhanced to £3 crore for turnover up to £2 crore (with cash receipts not exceeding 5%) and to £75 lakh for certain professionals with turnover up to £50 lakh (with cash receipts not exceeding 5%).
A National Financial Information Registry will be set up to serve as a central repository of financial and ancillary information, facilitating efficient credit flow, financial inclusion, and stability.
The date of incorporation for income tax benefits for start-ups is extended to 31 March 2024, and the benefit of carry forward of losses on change of shareholding is extended from seven to ten years.
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