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Are you a small business, who switched on the TV this Saturday but ended up getting lost in all the long budget announcements? The only aspect you could understand is no tax below 12 lakhs.
If you are scrolling through media stories, and social media posts to understand the benefits for you, your search ends here. Read all the schemes and programmes below and avail the relevant to expand your business.
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- Revised investment limits for MSMEs: The budget increased investment and turnover limits for classification of all MSMEs. So first of all, understand if that changes your category and if you are a micro, small or medium enterprises. The new classification is as follows:
- The investment limit to be classified as a micro enterprise goes up to Rs 2.5 crore.
- For small enterprises, this limit goes up to Rs 25 crore
- For medium ones, it becomes Rs 125 crore.
- Revised turnover limits: The government also revised turnover limits which are as follows:
- Up to Rs 10 crore for micro enterprises
- Up to Rs 100 crore for small enterprises
- Up to Rs 500 crore for medium enterprises
- Increase in credit guarantee: If you are a micro enterprise, the MSME credit guarantee cover has now been doubled for you from ₹5 crore to ₹10 crore. You can avail the same and expand your business faster now!
- Revised investment limits for MSMEs: The budget increased investment and turnover limits for classification of all MSMEs. So first of all, understand if that changes your category and if you are a micro, small or medium enterprises. The new classification is as follows:
- Customised credit cards: The government will issue Customised credit cards with a limit of ₹5 lakh for small businesses. The aim is to introduce 10 lakh credit cards in the first year i.e 2025. If you are registered on the Udyam Portal, you can apply for the same and if you are not, register yourself on the Udyam portal today – https://www.scsthub.in/content/udyam-registration-portal
- New scheme for women entrepreneurs: A special scheme was announced for first time women entrepreneurs for first-time entrepreneurs or who belong to the Scheduled Castes and Scheduled Tribes. The scheme will help in providing term loans up to Rs 2 crore during the next five years . If you are a women entrepreneur who just started out or know someone who is looking to expand or start a new venture, this could be ‘the scheme’ for you.
As you wait for the new schemes to get launched and the guidelines/documentations needed to avail them, keep an eye on https://corporate.indiamart.com/blog/ for further updates.