Find out what our Govt. has planned to help MSMEs survive the COVID-19 fallout!
Micro Small and Medium Enterprises (MSME) MSMEs are the lifeblood of the Indian economy, and experts across the globe have agreed that they will be instrumental in the recovery of the country’s economic health from the COVID-19 financial crisis. They are also the sector that has been worst affected by the economic downturn of the global pandemic, as they lack the financial cushion required to weather such a violent storm of losses due to the lockdown. The Ministry of Micro, Small and Medium Enterprises (MSME), Govt. of India, has formulated several new schemes to help Indian MSMEs survive this crisis, and here is a quick summary of those benefits – 1. Priority refund of GST and Income tax upto Rs. 5 lakhs with immediate effect 2. Notification regarding Taxation - GST and TDS relaxations - Relaxations have been made by the Income Tax Department regarding tax compliance timelines extending timelines to 30 th June for the filing of bel