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PPF, bank interest to be included for calculating GST registration threshold An individual had filed an application before the Gujarat bench of AAR asking whether interest received from savings bank, PPF and loans and advances to family would be considered for the purpose of calculating threshold limit of ₹20 lakh for registration under GST law The value of exempted income, like interest on PPF, savings bank account and loans given to family/friends, will be included along with taxable supplies while calculating the threshold limit for obtaining GST registration, the Authority for Advance Ruling (AAR) has said. Under the Goods and Services Tax law, businesses and individuals are required to obtain GST registration if their aggregate turnover is ₹20 lakh or more. An individual, not engaged in any business, had filed an application before the Gujarat bench of AAR asking whether interest received from savings bank, PPF and loans and advances to family would be considered for the...

Why Gold Loans from Banks are better choice? With gold prices at an all-time high, gold loans have become a sort of lifeline for small businesses, traders, and salaried and self-employed individuals who are looking for a respite from pandemic-induced financial woes. One of the first decisions to make when looking for a financial institution that offers gold loans is choosing between a bank and a Non-Banking Financial Company (NBFC). Now, several factors determine which is a better option, from interest rates to the safety of the gold you have pledged and several other things. With banks and NBFCs offering almost similar deals, how do you make the right choice? Read on to find out how gold loans offered by banks and NBFCs stack up against each other: 1. Interest rate The cost of borrowing, quite understandably, comes first on the checklists of most people. Interest rates are determined by how much it costs lenders to arrange for funds. Since NBFCs do not have access to large dep...

Government’s support towards MSME during this Pandemic https://www.fundstiger.com/governments-support-msme-pandemic/ Entrepreneur Brothers and sisters you are not alone, the entire nation is standing with you during this tough time of pandemic! To speed up Micro, Small and medium Enterprises, a sum of Rs 3 lakh crore on low interest has been allocated. You can easily apply for a loan at your nearest bank or on the portal. Government of India to provide 100% guarantee of the loan, no security needed Exemption from Principle repayment for a year Definition of MSMEs further changed to boost industry sector To promote ease of doing business. Opportunities for Micro, Small and Medium enterprises to grow. No global tender process on government procurement upto Rs 200 crore This will particularly benefit Micro, Small and Medium enterprises The government has notified amendments to General Financial Rules (GFR) to ensure that goods and services valued less...

SIDBI Assistance to Facilitate Emergency Response against Corona Virus (Safe ) Key Points of scheme Upto 100% financing for capex / working capital A quick delivery product – loan with 48 hours Cost of credit guarantee cover is borne by SIDBI No processing fees No prepayment charges Eligibility Criteria For New to Bank customer – At least two years of cash profits and account not in SMA1/2 category For existing Bank customer – Cash profit in last audited balance sheet and account not in SMA1/2 category Eligible Expenditure To finance all existing MSMEs who are manufacturing any products or providing any services directly related to fighting Corona Virus Quantum of assistance Max. upto ₹ 50 Lakh Interest rate 5% p.a. fixed on reducing balance basis..interest rates are subject to change Tenure and Moratorium Term Loan: Upto 5 years including moratorium WCTL: Upto 18 months including moratorium Security For Existing customer...

GoI launches PM SVANidhi Scheme https://www.fundstiger.com/government-launches-pm-svanidhi-scheme/ On June 1, 2020, Government of India launched the Pradhan Mantri SVANidhi Scheme for street vendors. The Union cabinet has cleared the credit amount for the scheme as well. The scheme is aimed at enabling the street vendors to resume their livelihoods that have been adversely affected due to COVID-19 lockdown. Housing and Urban Affairs Ministry launched the scheme in pursuance of the announcement made by Finance Minister Nirmala Sitharaman last month. Street vendors play significant role in ensuring availability of the goods and services at affordable rates at the door-step of the city dwellers. Highlights The PM SVANidhi or PM Street Vendors Atmanirbhar Nidhi is a credit facility scheme that will help more than 50 lakh urban and rural street vendors. The scheme will help the street vendors restart their livelihoods. Under the scheme, Rs 10,000 of credit is to be provided to s...

Government Schemes specially for Startups 2/10 https://www.fundstiger.com/startup-government-schemes-2/ 6. Scheme of Fund for Regeneration of Traditional Industries (SFURTI) Headed By: Ministry of MSME The aim of the scheme is to organize Traditional Industries and Artisans into clusters and to provide sustainable employment, enhance marketability of products and to equip them with improved skills, better tools and facilities. Eligibility: NGOs, Government or semi-Government bodies, and Panchayat Raj institutions can avail the scheme for cluster improvement. Funding: The financial assistance provided for any specific project shall be subject to a maximum of 8 crore INR to support Soft, Hard and Thematic interventions. More information:  https://msme.gov.in/scheme-fund-regeneration-traditional-industries Contact information: Address: Ministry of Micro, Small and Medium Enterprises, Udyog Bhawan, Rafi Marg, New Delhi-110011 E-mail ID: dcmsme@nic.in Phone No: +91...

Government Schemes specially for Startups 1/10 https://www.fundstiger.com/startup-government-schemes/ The Government of India (GoI) and governments of several states have introduced schemes to finance and support startups. The GoI formulates provisions to alleviate the conditions of startups in its financial budget. Government schemes can be availed by startups if they fall under the definition of a startup provided by the GoI. The process of recognition as a “startup” can be availed through an online application. Following are some of the important schemes launched by the GoI to assist startups in sustaining growth and marketability: 1. Newgen Innovation and Entrepreneurship Development Centre (Newgen Iedc) Headed by: Department of Science and Technology NewGen Innovation and Entrepreneurship Development Centre (NewGen IEDC) has been launched to “promote knowledge-based and technology-driven startups by harnessing young minds and their innovation potential in an academic e...