Director, MSME-DI, Chennai Shri KRK Prasad visited salem on 10-07-2019 to interact with the Silver Anklet cluster at Salem. The purpose is to identify the best practices followed and suggestion for further improvement of the cluster. Nearly 3 lakhs skill employers are involved in this field. Shri Ramachandran GM, DIC, Shri Satyamoorthy BM SIDCO and Shri S.Sathesh Kumar DD I/C also attended the meeting.
1) Lower rate of 25 % Corporate
Tax extended to companies with annual turnover up to Rs 400 crore from earlier
cap of upto Rs 250 crore.
2) For the MSME sector, Rs 350 crore has been allocated for FY 2019-20 under the Interest Subvention Scheme, for 2% interest subvention for all GST registered MSMEs, on fresh or incremental loans.
3) The Finance Minister said that the Government will create a payment platform for MSMEs to enable filing of bills and payment. This will help eliminate delays in payment and give a boost to investment in MSMEs .
4) To bring more participants, especially NBFCs, not registered as NBFCs-Factor, on the TReDS platform, amendment in the Factoring Regulation Act, 2011 is necessary and steps will be taken to allow all NBFCs to directly participate on the TReDS platform.
5) Government of India has decided to extend the pension benefit to about three crore retail traders and small shopkeepers whose annual turnover is less than Rs.1.5 crore under a new Scheme Pradhan Mantri Karam Yogi Maandhan Scheme. Enrolment into the Scheme will be kept simple requiring only Aadhaar and a bank account and rest will be on self-declaration.
6) The Stand Up India Scheme has been extended upto the year 2025.
7) Skill development to focus on new-age skills like Artificial Intelligence (AI), Internet of Things, Big Data, 3D Printing, Virtual Reality and Robotics.
8) More than Rs. 3.75 Lakh Crore is blocked in litigations in Service Tax and Excise (pre-GST regime). The budget proposes a dispute resolution-cum-amnesty scheme, called “the Sabka Vishwas Legacy Dispute Resolution Scheme, 2019” that will allow quick closure ..
of these litigations. The relief under the scheme varies from 40 percent to 70 percent of the tax dues for cases other than voluntary disclosure cases.
9) To ease the liquidity crisis in NBFCs, the Government says fundamentally sound ones should continue to get funding from banks and mutual funds without being unduly risk averse. For purchase of high-rated pooled assets of financially sound NBFCs, amounting to a total of Rs 1 lakh crore during the current financial year, Government will provide one time six months’ partial credit guarantee to Public Sector Banks for first loss of up to 10%.
10) “Make in India”, with particular emphasis .. on Micro, Small and Medium Enterprises, is one of the major focus areas of the Union Budget this year.
11) Under the Scheme of Fund for Upgradation and Regeneration of Traditional Industries’ (SFURTI) 100 new clusters will be set up during 2019-20 enabling 50,000 artisans to join the economic value chain. Focused sectors are Bamboo, Honey and Khadi clusters.
12) The Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship’ (ASPIRE) would be consolidated for setting up of 80 Livelihood Business Incubators (LBIs) and 20 Technology Business Incubators (TBIs)in 2019-20 to develop 75,000 skilled entrepreneurs in agro-rural industry sectors.
13) There will be an interchangeability of PAN and Aadhaar to file tax return proposed.
14) 2 % TDS on cash withdrawal exceeding Rs. 1 crore in a year from a bank account to encourage digital payments.
15) Businesses with annual turnover more than Rs. 50 crore to offer low cost digital modes of payment; no MDR charges to be imposed on customers/ merchants.
Shri S.Sathesh kumar Dy.Director I/C Inaugurated new Test Equipment “Ingress Protection” (IP) first if its kind in South India at MSME-DI, Coimbatore ,Motor and Pump Testing laboratory. The test facility has testing at various chambers for Nozzle, Shower, Hot Air Flow and Dust at one Equipment totally computer controlled programmable one.Using this facily Latest Electronic, Electrical and other Engineering Equipment can be tested.
Products used indoors or outdoors are often tested against “ingress,” that is, the product’s resistance to water, dust and foreign objects. There are several reasons for ingress testing, including safety, functionality and product marketing.
Many products require insulation from outside elements in order to function properly. Those outside elements include mist, steam, sprayed water, sand, oil and even fingers, just to name a few. Ingress protection testing helps determine whether a particular product is going to function appropriately when placed in the field.