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Milana Kreation

Exemptions for Development to MSMEs

Under Goods and Services Tax (GST) Act, Micro & Small units with turnover up to Rs. 1.5 crore are allowed to avail benefits under the composition scheme. Ministry of Micro, Small and Medium Enterprises (MSME) has launched the Interest Subvention Scheme for new and incremental credit to MSMEs under which 2% interest subvention is provided to all eligible units having Udyog Aadhar Number (UAN) and GST registration.

The banks have designated senior level officers to do in-depth analysis of the progress made in the availability of credit to the MSMEs. As reported by Central Statistics Office (CSO), the share of MSMEs in total Gross Value Added (GVA) during 2016-17 was 31.8%.

As reported by Directorate General of Commercial Intelligence and Statistics (DGCIS), the share of MSME related products in total exports during 2018-19 is 48.10%. As per 73rd round of National Sample Survey (NSS) (2016-17) by M/o Statistics and Programme Implementation (MoSPI), the employed persons in MSME Sector are about 11.10 crore.

Under the Prime Minister’s Employment Generation Programme (PMEGP), the estimated employment generation has increased from 3.58 lakh to 5.87 lakh between the year 2014-15 to 2018-19.