Minister of finance, Nirmala Sitharaman, serving since Lok Sabha elections 2019 has finally announced the second budget for the FY19 with the goal of making the Indian economy of $5 trillion by 2025.
The budget had the motto of improving the lives of the middle class. This blog will majorly discuss the changes pertaining to the MSME sector.
Listed below are some filtered out points announced today (as of 5th of July):
- The corporate tax brought down to 25% for those with an annual turnover of up to 400 crore rupees, which was 30% earlier.
- Payment platform soon to be created for SMEs to curb the duration of bill filings and payments.
- PAN & Aadhaar are now both valid for filing ITR (Income Tax Return), stated by FM.
- No MDR (Merchant Discount rates) charges for customers/consumers post transactions with businesses having an annual turnover above 50 crore rupees.
These are some key points for the MSMEs that the Budget 2019 brings. ‘Stand up India’ program also observed AN extension up to FY25. ‘Make in India’, in particular with MSMEs was the major focus of this budget.
Sources: Economic Times, Yourstory