Micro small and medium enterprises (MSME)
had only received a total of mere 30 to 40 crores earmarked as 2% subsidy a
year after Government just announced the scheme for the registered enterprises
to pay the goods and service tax (GST).
The scheme works in
- · Available to MSMEs with GSTN number and UDYOG ADHAAR number.
- · Loans taken between November 2018 and march 2019 are eligible.
- ·
1
crore is coverage limited.
- ·
Interest
subsidy under export finance ineligible by MSMEs exporters.
- ·
No subsidy
for small businesses getting similar benefit.
SIDBI the financial institution which
is responsible for implementing the scheme, had not contacted till Thursday. The
interest subvention scheme, announced November, is only meant to provide the
subsidy on incremental and working capital loans taken from banks during the
2018-19 and 2019-20. The government allocated 275 crores for the last financial
year and another 375 crores for the current financial year. As before the
general elections in the coming months, the scheme is seen to be a payback by
the government as the impact of the demonetisation on MSMEs. The conditions
made it difficult to avail the benefits by the small enterprises. Government pushes
public sector undertakings to clear the pending bills of MSMEs.
It had estimated a total sum around Rs
40000 crores and at least Rs 15000 is unpaid bill. The small business is
getting harder to avail credit facility due to these unpaid bills and that
especially from non-bank finance companies. The finance ministry assurance, the
government is unable or they have the difficulty to put pressure on the
corporate sector. Even the decision to link the GST network, where data on
revenue of the companies and these small enterprises are available.
Trade electronic receivables
discounting system (TReDS) has been discussed for over a year and a half, the
Government has failed to put in place with the accurate tracking payments and
data of MSMEs available. So far, the ministry has collected data of the unpaid
bills and dues of the companies and sought that the companies can pay these
dues as early as possible.
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