Prime Minister Narendra Modi gave a big gift to Diwali to small businessmen on Friday. He launched a portal to give micro-small and medium-scale (MSME) sector lenders a loan of Rs 1 crore in 59 minutes. He also relaxed the labor laws for small businessmen, with the ease of compliance with environment standards, also announced steps for change in company law. MSME sector is the second largest sector in the country.
loan in 59 minutes portal will be launched by PM Narendra Modi
The traders registered with GST will get a discount of up to 2% on loans up to one crore. While exempting the export of MSME from the export sector, the rebate has been increased from three to five percent. The Prime Minister said that these new steps of the government will make Deepawali and Ujjwal for entrepreneurs and their employees.
Merchants will not be harassed
In order to completely eliminate Inspector Raj, Modi announced that the approval of the inspection of factories will be selected from the computer without any order. The inspector has to upload the Report
Portal within 48 hours. With this, no inspector will be able to inspect anywhere, he will have to tell the appropriate reason.
The excited government has made tax compliance and environmental clearance easier by a big jump in the ranking of business facilitation. In order to set up a factory for MSME sector, only one consent will be required and clearance of water and electricity will be available simultaneously.
Just fines for petty crimes
MSME businessmen will have to fill only one return on eight labor laws and ten central laws. . Changes in company laws will provide only penalty for minor crimes. Not only that, all the Central PSUs will have to subscribe to the Government E-Marketplace, so that the purchase of everyday products and services can be completed online by the government departments and organizations.
For loan, anyone has to apply on psbloansin59minutes.com from their computer. After this, three types of documents will be sought from the businessman for loan. The first businessman has to give his GSTIN and GST user ID and password. Information about second income tax return e-filing must be given. The bank account statement must be uploaded at third and end or use of net banking.