Currently, GST has a very complex rate structure consisting of five slabs i.e. – 1%, 5%, 12%, 18% and 28% respectively. GST rates were dropped down to 18% from 28% on over 170 listed items in November 2017. Followed by reduction of the list further in July 2018 and then again in January 2019. Government…
Budget 2019 for women-owned MSMEs
Extending the Prime Minister’s say on gender equality and empowerment of women, the interim budget has bought in a delight for women-owned Micro Small and Medium Enterprises (MEMEs) by offering 3% tax benefit. 2% interest subvention for MSMEs for loan up to Rs 1crore is another thing to cheer upon. This budget is pro-economy and…
BHIM App Update — One-time Mandate to Schedule Payment for Future Date
Unified Payment Interface (UPI) transactions have become immensely popular. In 2018, its volume increased by 400%. The National Payments Corporation of India (NPCI) is focussed on updated the BHIM app and had recently launched UPI 2.0 with features such as increased transaction limits, overdraft account and more. The latest feature added to BHIM app is…
Drop In Inflation for Retailers & Wholesellers
Wholesale and retail inflation witnessed relaxation in December 2018 with a reduction in fuel prices. From 2.33% in November, it dropped to 2.19% in December. According to data from Commerce Ministry, inflation reduced from 4.64% in November to 3.80% in December based on the lower fuel prices and manufactured products price. Consumer Price Index (CPR)…
SME Delight: Exemption Limit For GST Hiked To Rs 40 Lakh
A great breather for SMEs, Union Finance minister Arun Jaitely has double the exemption limit of Goods and Services Tax (GST). Now, a small business with an annual turnover of up to Rs 40 lakhs is free from registration and payment of GST. For hilly states and North Eastern states, it is increased from Rs…
Loan Relief Package For MSMEs By RBI
After initiative of the Government of providing loan approved in 59 minutes, here is a new year gift for small businesses. To benefit numerous micro, small and medium enterprises (MSMEs) suffering from debts, the Reserve Bank of India (RBI) has come up with a one-time restructuring grant. Wherein, banks and non-banking finance companies (NBFCs) will grant…
Deloitte Tech Fast 500: Moglix Ranks #6
We are delighted to announce that with an average growth rate of 11,836%, Moglix is the fastest growing tech company in APAC (excluding China) among the 500 companies nominated. Moglix has been ranked 6th in the Deloitte Technology Fast 500 APAC 2018. This is an annual, pre-eminent technology award that includes none Asia Pacific locations: India,…
RBI Increased Interest Subsidy for MSME Sector Exporters 5%
From November 2, 2018, the Interest Equalization rates form Micro, Small and Medium Enterprises (MSME) exporters has increased from 3% to 5% under the MSME Interest Equalisation Scheme. This is applicable on the Pre and Post Shipment Rupee Export Credit by the Reserve Bank of India (RBI). MSME Sectors included in this scheme are related…
Improved Performance: Ease of Doing Business
World Bank publishes an index known as Ease of doing business on parameters that explain the ease of doing business in a country. In a short period of four years, India has achieved a rise of 65 ranks and Jim Yong Kim, World Bank president congratulated Narendra Modi, Prime Minister, for this “historic rise”. He…