Daily News Bulletin

  • Setindiabiz Team
  • September 27, 2023
ECLGS, ECLGS for garment sector MSMEs, income tax appellate tribunal, due date extension for tax audit report, extension for tax audit report

1.Tripurr’s Exporters Association (Tamil Nadu) urged the Government to announce ECLGS for garment sector MSMEs

Tripurr’s Exporters Association urges govt. To announce ECLGS for garment MSMEs
The President of Tamil Nadu’s Tripurr Exporters Association has released an official press statement, to Finance Minister Nirmala Sitharaman, highlighting the severe financial crisis that the state’s knitwear garment exporting businesses have been facing. The covid pandemic, hike in the prices of Cotton Yarn, and the Russia-Ukraine war has made the situation worse, especially for smaller garment businesses. TEA has, therefore, urged the Finance Ministry to provide 20% credit, under the Emergency Credit Line Guarantee Scheme, to knitwear garment exporting MSMEs. The association has also requested RBI Governor, Shaktikanta Das, to make NPA norms more lenient for these businesses.
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2. Amendment in the definition of small businesses to benefit 1.2 million companies

The Union Ministry of Corporate Affairs has changed the definition of “Small Companies”. According to the new definition, companies with paid up capital of at least 4 crores, and an annual sales turnover of at least 40 crores, will now be classified as “small companies”. This limit was 2 crores for capital, and 20 crores for sales turnover, in the oler definition. The increased limits will not only classify 1.2 million businesses as “small companies”, but also encourage businesses to get legally formalized.

3. The Union Ministry extends foreign trade policy by 6 months

The Union Ministry of Commerce has extended the duration of India’s foreign trade policy by 6 more months, up till March 2023. The policy was to expire on 30th September, 2022. This decision was taken in the light of India’s widening trade deficit and increased geopolitical tensions in the world.

4. Government looking to reduce the turnover threshold for corporates to get onboard TReDS

The Ministry of MSMEs has decided to reduce the turnover limit of businesses to get onboard with the Trade Receivables Exchange Discounting Scheme or TReDS. TReDS is a platform for managing and settling trade invoices of MSMEs. Currently, only businesses having a minimum turnover of Rs. 500 crores can get onboard with TReDS. The Ministry is looking forward to reducing the turnover limit to Rs. 250 crores, so that even MSME can benefit from TReDS. Also, the reduced limit will bring more public and private enterprises on the TReDS platform.

5. RBI sells fewer dollars despite new rupee low

In the event of the rupee plunging down to a two year low exchange rate, the market had been expecting the Reserve Bank of India to spend its dollars and in order to raise the exchange rate as quickly as possible. On the contrary, the RBI has sold even fewer dollars than it did in the previous weeks. Bankers across the country have suggested that RBI must only intervene to the extent of stabilizing the rupee, and must not spend large amounts of dollars in the current economic scenario.

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