Just a moment...

⚠✕
❮ Top
☎ Help
☰
×

By creating an account you can:

Logo TaxTMI
>
Call Us / Help / Feedback✕

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
╳
Add to...
You have not created any category. Kindly create one to bookmark this item!
✕
Create New Category
Hide
Title :
Description :

Print Options

+ Post an Article
Post a New Article ✕
Title :
0/200 char
Description :
Max 0 char
Category :
Co Author :

In case of Co-Author, You may provide Username as per TMI records

Delete Reply

Are you sure you want to delete your reply beginning with '' ?

Delete Issue

Are you sure you want to delete your Issue titled: '' ?

Articles

Back

All Articles

Advanced Search ❮
Reset Filters
Search By:
Search by Text :
Press 'Enter' to add multiple search terms
Select Date:
FromTo
Category :
Sort By:
Relevance Date
PrevPreviousNextNext

TRADERS REGISTRATION AS MSME’S  – POSSIBLE SOON ??

CSLalit Rajput
Government Considers Expanding MSME Benefits: Trader Registration, Payment Protection, Digital KYC, and More Proposed Initiatives During a meeting with industry representatives, key suggestions were made to support MSMEs, including allowing traders to register as MSMEs, incorporating medium enterprises into existing MSME payment protection timelines, and implementing digital KYC for NBFCs. Additional proposals included adding cotton spinning to the Interest Subvention Scheme, permitting cargo flights in Kanpur, reducing imports, and enacting labor reforms. The Union Minister for MSME assured government support for these initiatives. The author suggests that allowing traders to register as MSMEs could provide significant benefits, and medium enterprises might soon receive protection against delayed payments, with interest penalties for overdue payments. (AI Summary)

During a meeting of Shri Nitin Gadkari, Union Minister for MSME and Road Transport and Highways with the representatives of Council of Leather Export, FICCI-‘NBFC Program’ and IMC Chamber of Commerce and Industry on impact of COVID-19 on MSMEs, Some of the questions asked and the suggestions given included

Major Points discussed :

•          Including traders as MSMEs,

•          Inclusion of Medium enterprises in the M/o MSME order dated 02.11.2018 related to timeline of 45 days for payment to MSMEs,

  • List of questions asked and the suggestions given included:

Suggestion 1

Including traders as MSMEs,

Suggestion 2

Inclusion of Medium enterprises in the M/o MSME order dated 02.11.2018 related to timeline of 45 days for payment to MSMEs,

Suggestion 3

incorporating digital KYCs in case of NBFCs,

Suggestion 4

push required from RBI to change master KYC notification encouraging use of contact list KYC

Suggestion 5

including cotton spinning in the eligibility list of Interest Subvention Scheme,

Suggestion 6

permission for cargo flight in Kanpur,

Suggestion 7

reducing imports and utilizing domestic capacity,

Suggestion 8

need of labour reforms to bring change in MSME sector, etc.

Kindly note that:

Shri Gadkari responded to the questions from representatives and requested for sending suggestions and assured all the help from the government:

Author views:

1. As per above suggestions, Traders may be allowed to get registered as MSME under the MSMED Act, 2006 via udyog aadhaar Registration.

2. This will help a big group of Traders to get benefits under MSME.

3. Soon Medium Enterprises will also get benefit of Protection against Payments (Delayed Payments).

In any case, a payment due to a micro or small or Medium enterprise (only suggestion) cannot exceed 45 days from the day of acceptance or the day of deemed acceptance.

And if payment got delayed:

Interest is to be paid at three times the bank rate notified by the RBI.

Source of Information:

https://www.pib.gov.in/PressReleseDetail.aspx?PRID=1629405

 

Corporate Laws / IBC / SEBI
answers
Sort by
+ Add A New Reply
Hide
+ Add A New Reply
Hide
Recent Articles