#manufacturing business under 5 lakhs
Text
10 Most Profitable Manufacturing Business Ideas Under 10 Lakhs
🌟 Dreaming of becoming your own boss? 💼 Discover these Top 10 Profitable Manufacturing Business Ideas Under 10 Lakhs! 💡 Let's turn your business dreams into reality! #SmallBusiness #BusinessOpportunity #FinancialFreedom #StartupIdeas
Manufacturing businesses produce goods using equipment, machines, and labour. This sector is vital to the economy and offers many opportunities for entrepreneurs to start their own companies. Manufacturing businesses can be established in various industries, including food, appliances, electronics, vehicles, clothing, power tools, and more. Today, many people dream of becoming entrepreneurs, but…
View On WordPress
#best business ideas#best manufacturing business#business#business ideas#business ideas under 15 lakhs#entrepreneurship#low investment business ideas#low investment high profit business ideas#manufacturing business ideas#manufacturing business ideas in india#manufacturing business ideas under 10 lakhs#manufacturing business under 5 lakhs#new business ideas#profitable business ideas 2024#profitable manufacturing business ideas#small business ideas#start manufacturing business#startup ideas#top 10 manufacturing business ideas
0 notes
Text
Find The Top Commercial RO Plant Manufacturer In Faridabad
RO stands for reverse osmosis. It is a water purification technology. Commercial RO plants are used to remove contaminants from water on a large scale. They are used by factories, hotels, housing societies and other places needing lots of clean water. Installing a good quality commercial RO plant is important. It ensures a reliable supply of pure water for the premises.
Why Netsol Water?
Netsol Water is a leading company manufacturing commercial RO plants. They have over 15 years of experience in this field. Their team includes qualified engineers and technicians. They use advanced technology and quality components in their RO plants. This ensures the plants operate efficiently and have a long lifespan.
Netsol's commercial RO plants are customizable as per client requirements. They offer plants with different capacities ranging from 1000 LPH to 1 lakh LPH. Their after-sales service is also excellent with timely AMC and maintenance support.
Factors to Consider When Choosing a Commercial RO Manufacturer
There are several factors to keep in mind when selecting a manufacturer for your commercial RO plant:
1) Experience and Expertise
Look for a company with significant years of experience manufacturing commercial RO systems specifically. They should have sound technical knowledge and expertise in this domain.
2) Quality of Components
The quality of raw materials and components used directly impacts the plant's performance and longevity. Choose a manufacturer using superior quality membranes, filters, pumps etc. from established brands.
3) Customization Options
Every business has unique water purification needs based on factors like raw water quality, daily consumption, etc. The manufacturer should offer customized solutions accordingly.
4) After-Sales Service
Having reliable after-sales service is crucial for the smooth functioning of the RO plant. The company should provide prompt AMC, repair services and availability of spare parts.
5) Certifications and Consumer Reviews
Look for manufacturers with relevant certifications like ISO. Also read through consumer testimonials and reviews to gauge their service standards.
Manufacturing Process at Netsol Water
Netsol Water follows systematic processes and stringent quality checks at every stage of commercial RO plant manufacturing:
1) Requirement Analysis
Their engineers first analyze the client's raw water parameters through lab testing. They assess the daily water consumption needs based on the usage.
2) System Design
Based on the analysis, they design the most optimal and energy-efficient RO plant configuration with the required pre-treatment and post-treatment processes.
3) Component Sourcing
They carefully source all plant components like membranes, filters, pumps and control panels from reliable vendors to ensure top-notch quality.
4) Fabrication and Assembly
The plant is fabricated and assembled by their skilled team under controlled conditions following all required standards and specifications.
5) Quality Testing
Each manufactured RO plant undergoes stringent quality testing to ensure it meets all desired performance parameters before dispatch.
Service Standards of Netsol Water
What sets Netsol Water apart is their commitment to superior service standards:
1) Expert Team
They have a qualified and experienced team of engineers, technicians and customer service staff.
2) Prompt Responses
Their team is highly responsive and provides prompt resolutions to any service issues or technical queries from clients.
3) Timely Maintenance
They offer affordable annual maintenance contracts (AMCs) which ensure the commercial RO plant receives timely servicing and maintenance.
4) Availability of Spares
Netsol stocks an inventory of all common spare parts and consumables making their availability hassle-free for clients as and when required.
5) Customer Training
They provide hands-on training to the client's team on the correct operation and basic maintenance of the installed RO plant.
Why Choose Netsol as Your Commercial RO Partner in Faridabad?
When it comes to selecting the top commercial RO plant manufacturer in Faridabad, Netsol Water ticks all the right boxes:
1) Extensive Experience
With over 15 years solely focused on commercial RO plants, their experience and expertise in this field is unparalleled.
2) State-of-the-Art Manufacturing Unit
Their advanced manufacturing unit in Faridabad is equipped with the latest technologies and tools for fabricating top-quality RO plants.
3) Renowned Client Base
They have successfully installed commercial RO plants for reputed clients across industries like manufacturing, hospitality, healthcare, etc.
4) Consumer Trust
The numerous positive reviews and repeat orders from their clientele are a testament to the trust and reliability they have built over the years.
5) Optimal Pricing
Despite using premium quality components, their RO plants are very reasonably priced being a manufacturer selling directly.
Conclusion
In summary, Netsol Water emerges as the clear top choice when looking for a reliable commercial RO plant manufacturer in Faridabad. With their technical expertise, quality manufacturing processes, and unwavering commitment to customer satisfaction, they offer a hassle-free and efficient solution for all your large-scale water purification needs. Get in touch with their team today for a free consultation and preliminary analysis.
Do you need an advice or assistance on selecting the best water and waste water treatment unit? We have solutions for all your problems!
Let us now your problem, our experts will make sure that it goes away.
For an assistance or related query, Call on +91-965-060-8473 Or write us at [email protected]
0 notes
Text
MSME Regestration In Bawana
MSME refers to Micro, Small, and Medium-Sized Enterprises. According to the Micro, Small & Medium Enterprises Development (MSMED) Act of 2006, Micro, Small, Medium Enterprises (MSME), also known as SSI, are classified into two classes:
Manufacturing Industry
For Micro Enterprises: No more than 20 lakh rupees may be invested in equipment and machinery.
b) For Small Businesses, the maximum amount invested in plant and machinery is 5 crore rupees, but the investment is higher than 20 lakhs.
c) Plant and machinery investments for medium-sized businesses must be more than 5 crore rupees but not more than 10 crore.
Documents Needed for Bawana MSME and SSI Registration:
1. Aadhaar Card (attached in soft copy)
2. Social Classification (General, OBC, SC, ST)
3. The company or business name
4. Organizational Type (LLP, Pvt. Ltd., Partner, Ownership)
5. PAN Card (Owner/Business/Firm)
6. Address of the Office
Mobile number and email address
8. Bank IFS Code and Account Number (Owner/Firm/Corporate)
9. The primary business activity of the company (your work for the firm)
10. The number of workers
11. Purchasing Plant and Machinery and Equipment
The Services Industry
A) micro enterprise's equipment investment cannot exceed 10 lakhs.
b) Small Businesses: Equipment investments totaling more than 10 lakhs but less than two crores.
c) Medium-Sized Businesses: The amount invested in equipment exceeds two crores but does not surpass five crores.
Advantages of MSME Registration with CA Nakul Singhal Associates ( Bawana)
Benefits from Banks: MSMEs are eligible for special schemes designed by banks and other financial institutions because they are recognized by them. This typically involves lower bank interest rates and priority sector lending, which indicates that there is a strong chance that your company will be approved for a loan. If repayment is delayed, special treatment might also be granted.
Benefits from taxes: Depending on your industry, you can be eligible for an excise tax exemption program or be spared from paying some direct taxes during the early stages of your company.
State Government Benefits: Those that have registered under the MSMED Act typically receive subsidies from their respective states for electricity, taxes, and access to state-run industrial estates. Specifically, most states exempt sales taxes, and produced items are given an advantage in purchasing.
advantages of the central government: The loan guarantee program is one of the programs that the central government occasionally offers to assist MSMEs.
The Credit Guarantee Program (CGTMSE).
Credit and the input of income from several sources to support them are two of the biggest challenges small-scale enterprises encounter.
Changes have been made to the Credit Guarantee program, which was created to assist MSME, in increasing its advantages for small traders
The scheme's key components are as follows:
1. Improving the ideal qualifying loan amount to Rs. 50 lakh from Rs. 25 lakh
2. Lowering the one-time guarantee from 1.5% to 0.75% for loans taken out by MSME in Northeastern India.
3. Increasing the guarantee's coverage from 75% to 80% for:
4. Operated by women Small and medium-sized businesses
5. Microbusinesses, up to a 5 lakh loan amount
6. Loans taken out in the country's northeast
7. Lowering the one-time guarantee charge from 1.5% to 0.75% for all loans obtained in North Eastern India.
Because MSME Certificate holders can present their certificate of MSME registration when applying, it has become much easier for these businesses to get licenses, approvals, and registrations from the appropriate authorities in any area.
As specified in the government scheme and contingent on economic activity, enterprises with an MSME registration may benefit from a direct tax exemption for their first year of operation.
To encourage the participation of small businesses in India, the government has certain bids that are exclusively available to MSMEs.
Ease of approval from federal and state government agencies; businesses registered as MSMEs are given priority when it comes to government certification and licenses.
Visit- https://canakulsinghalassociates.com/
Email ID- [email protected]
Contact- 99537 75505
0 notes
Text
Incentives and Rebates on EV charging Station in India?
In India, the government and various state authorities are promoting the adoption of electric vehicles (EVs) and the installation of EV charging infrastructure through various incentives and rebates. Here are some key incentives and rebates available for EV charging stations in India EV charging stations in India:
Central Government Incentives
FAME India Scheme (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles)
FAME II: The second phase of the FAME India scheme includes substantial support for the development of EV charging infrastructure. It provides incentives for setting up public charging stations to ensure adequate infrastructure for electric vehicles.
Goods and Services Tax (GST)
The GST on EV chargers and charging stations has been reduced to 5%, which is significantly lower than the standard GST rate on most goods and services.
Income Tax Deduction
Under Section 80EEB of the Income Tax Act, individuals can claim a deduction of up to ₹1.5 lakh on the interest paid on loans taken to purchase electric vehicles, which indirectly promotes the installation of home charging infrastructure.
State Government Incentives
Several states in India offer additional incentives for the installation of EV charging stations. Here are a few examples:
Delhi: The Delhi Electric Vehicle Policy 2020 provides a subsidy of ₹6,000 per charging point for the first 30,000 charging points. Residential societies, RWAs, and commercial establishments can avail incentives for installing charging infrastructure.
Maharashtra: The Maharashtra EV Policy 2021 offers a subsidy of up to 50% of the cost (subject to a maximum amount) for setting up EV charging stations.
Additional benefits include discounts on electricity tariffs for EV charging.
Gujarat: The Gujarat EV Policy 2021 provides a capital subsidy of up to 25% (subject to a maximum amount) of the cost of equipment and machinery required for setting up EV charging infrastructure.
Tamil Nadu: Tamil Nadu's EV Policy includes incentives for setting up charging stations, including subsidies on the cost of land and reduced electricity tariffs for EV charging.
Karnataka: The Karnataka Electric Vehicle and Energy Storage Policy offer various incentives, including subsidies for setting up charging stations and reduced electricity tariffs.
Utility Company Incentives: Some utility companies in India are also offering incentives to promote the installation of EV charging stations:
Ecoplug Energy India Limited
Tata Power has been actively setting up EV charging stations across various cities in India and often collaborates with local governments and businesses to provide incentives for setting up charging infrastructure.
Steps to Avail Incentives
Research Available Programs: Check with local and state government websites, as well as utility companies, to find available incentives.
Understand Eligibility Requirements: Each program has specific eligibility requirements and application procedures. Make sure to review these carefully.
Prepare Documentation: Gather all necessary documentation, such as proof of purchase and installation, to apply for rebates or subsidies.
Apply Promptly: Some programs have limited funding and are available on a first-come, first-served basis.
Useful Resources
Ministry of Heavy Industries (FAME India Scheme): FAME India Scheme
State Government Portals: Websites of respective state governments for details on state-specific EV policies and incentives.
Utility Company Websites: Check the websites of utility companies like Tata Power, BSNL, and others for information on incentives and collaborations.
By taking advantage of these incentives, individuals and businesses in India can significantly reduce the cost of installing and operating EV charging stations, thereby supporting the country's transition to electric mobility.
1 note
·
View note
Text
Transfer of Food License in India
Introduction
Food licensing is an extremely important part of the food industry as it confirms that the products you provide to your customers are of the best quality. License required by law. Passage of safety and sanitation laws is necessary to provide healthy food to the people. Before opening a food business, a food business in India must complete the food license registration process. In this article, we will discuss the transfer of food licenses under the 2006 Food Safety and Standards Act.
What is FSSAI (Food Standards and Safety Authority of India)?
FSSAI stands for Food Standards and Safety Authority of India, which is the apex agency for regulating and monitoring food safety. FSSAI simple registration is required for all businesses in the food industry. You will need to register and provide information about your company type, manufacturing scale, product category or formulation etc. Food Business Operators (FBOs) are required to inform the Food Safety and Standards Authority of India (FSSAI) of any adjustments within sufficient time. time time
FSSAI food registration is required for everyone who handles food in any way before it reaches the consumer, including raw material, manufacturing, packaging, ware, packing and canteen delivery, as well as businesses that have the legal right to sell food. . Individuals who provide services to a limited number of clients outside their home must also follow the registration process. If you are earning money from it then you must register with FSSAI.
Types of FSSAI Licenses
There are 3 types of FSSAI license mentioned below:
1. Basic FSSAI License: Food business operators who are engaged in small scale food business have to obtain FSSAI registration. Food business with an annual turnover less than Rs. 12 Lakhs requires to obtain Basic FSSAI license.
2. FSSAI State License: State FSSAI license is required for manufacturers, storage, transporters, retailers, marketers, distributors etc. These licenses are issued by the respective state authorities in each state. Annual turnover more than Rs. 12 lakhs, but more than Rs. 20 crore for food businesses to obtain state FSSAI licenses.
3. FSSAI Central License: Central FSSAI license is issued by FSSAI regional offices which are functioning across the country. This FSSAI license can be issued and renewed for a period of 1 to 5 years. Annual turnover of more than Rs. 20 crore for food businesses to obtain Central FSSAI licenses.
How to Transfer/change/modification the food license?
If the FSSAI license has already been issued, you must follow certain steps to transfer the food license. For updating FSSAI license or registration, application must be submitted.
In case the FSSAI license holder dies, the license may be transferred to the legal representative or any surviving family members. The legal representative or family member must request that the certificate be transferred in their favor to the appropriate authority. After verification, the authority can approve or reject the application.
However, the application cannot be rejected by the FSSAI Licensing Authority without giving an opportunity to consider the applicant. FSSAI license shall be continued in case of death of registration certificate or license holder and only when legal representative or other surviving family member requests transfer of said certificate. The FSSAI certificate expires if it is not produced within 90 days of the expiry of the holder’s registration certificate or license.
What is the process for transfer of food license?
The steps to transfer food license are as follows:
Go to the website of FSSAI and login to the portal.
Select “Apply to Duplicate/Transfer/Surrender License” from the drop-down menu.
In the Action column next to the license number, select “Transfer”.
Fill in the required information, such as business address, contact information, registered office information, cause of death of the licensee, date of death, etc.
The designated officer is responsible for processing food license transfer applications.
Application for transfer of license must be accompanied by death certificate and certificate of legal heir.
“Discover the essential details about FSSAI license cost. Learn about the expenses involved in obtaining an FSSAI license for your food business.
Summary
The process of transferring a food license is not difficult, and the applicant can complete it quickly and easily online. By using their login credentials, license holders and others can access the FSSAI portal throughout. FSSAIs are important in bridging the gap between safe food and adulterated food. Once the application is processed without amendment, the certificate or license will be transferred as requested.
0 notes
Text
Udyam Registration: Empowering Small Businesses for Growth
The Micro, Small, and Medium Enterprises (MSME) sector, often hailed as the backbone of the Indian economy, is undergoing a digital transformation with the introduction of online registration processes. As of current data, there are approximately 633.9 lakh registered MSMEs in India, showcasing the sector's vital role in economic development. This article explores the significance of MSMEs, the online registration process, and the recent amendments in the MSME Development Act.
MSME Significance:
MSMEs, standing for Micro, Small, and Medium Enterprises, play a pivotal role in fostering self-reliance in India. They contribute substantially to the country's GDP, manufacturing output, and exports, making up over 99% of the MSME population. Moreover, the sector serves as a major employment generator, employing over 11 crore individuals, contributing significantly to India's economic growth.
Revised MSMED Act:
Categories and Limits:
Under the revised classification, MSMEs are categorized based on turnover and investment limits:
Micro: Turnover up to 1 Crore, Investment up to 5 Crore
Small: Turnover up to 10 Crore, Investment up to 50 Crore
Medium: Turnover up to 50 Crore, Investment up to 250 Crore
Udyam Registration:
Udyam Registration, the process that classifies enterprises into Micro, Small, or Medium categories, can be completed online through self-declaration, eliminating the need for document submission. Upon completion, MSMEs receive a unique Udyam Registration Number (URN) and an e-Certificate (URC).
Importance of Udyam Registration:
Udyam registration opens doors to various benefits for MSMEs, including access to finance facilities, government schemes, subsidies, and interest subvention. It also facilitates participation in tenders, offers protection against delayed payments, and provides concessions in taxes, electricity bills, and trademark registration.
Document Requirements:
Eligibility and Application Process:
Eligibility for Udyam Registration spans a wide range of entities, including individuals, startups, private and public limited companies, sole proprietorships, partnerships, LLPs, SHGs, co-operative societies, and trusts. The online application process is user-friendly, catering to both new entrepreneurs and those with existing registrations.
Conclusion:
As India strives for economic growth and self-reliance, the MSME sector stands at the forefront, driving innovation and providing employment opportunities. The streamlined Udyam Registration process further empowers businesses by granting them access to a myriad of benefits, ultimately contributing to the sector's resilience and vitality in the Indian economy.
0 notes
Text
What are the Three Ps of Great E-Commerce Packaging
In the fast-paced realm of e-commerce, packaging serves as a critical touchpoint between businesses and consumers. Beyond its functional role, packaging can significantly impact the overall customer experience.
Which 3 Ps are great for e-commerce packaging?
Let us delve into the Three P’s that define outstanding e-commerce packaging, focusing on Protection, Presentation, and Personalization as explained by Packman Packaging, India’s top corrugated boxes supplier and manufacturer for e-commerce businesses.
Protection: Ensuring a Safe Passage from Warehouse to Doorstep
Protection remains a cornerstone of effective e-commerce packaging. The primary purpose is to safeguard the product throughout its journey, ensuring it arrives in perfect condition. Employing quality materials and innovative packaging solutions, such as custom-fit boxes or shock-absorbent materials, shields products from the bumps and jostles of the shipping process. By prioritizing protection, businesses instill confidence in customers, assuring them that their purchases will reach them intact and ready for use.
Presentation: Unveiling an Unforgettable Unboxing Experience
Presentation is the visual and tactile facet of e-commerce packaging that transforms a routine delivery into a memorable unboxing experience. Packaging design should be an extension of the brand, creating anticipation and excitement for the customer. Customized boxes, appealing colors, and thoughtful...
Read Here: https://www.packman.co.in/blog/3-p-ecommerce-packaging/
Gaurav Jalan, CEO & Director, Packman Packaging
Mr. Gaurav Jalan is the Founder and Director of Packman Packaging, one of the largest Indian packaging company that has been serving some of the world’s eminent technology, pharmaceutical, retail, fast-moving consumer goods, food, courier, publication, Jewellery, fashion, e-commerce organizations for the past 30 years.
A brilliant academic, a good graphic designer and a graduate from India’s top management institutes, Mr. Jalan is a visionary businessman and an eminent spokesperson on matters related to the Indian Packaging industry. Under the leadership of Mr Gaurav Jalan, Packman.co.in (Packman’s official website) became India’s first e-commerce store for packaging solutions in the year 2002 (5 years before Flipkart was launch).
Today, Packman Packaging manufactures more than one lakhs of corrugated rolls, corrugated boxes, high-quality bubble sheets, safety/courier bags and more from it state of art manufacturing unit, located in Delhi NCR region. The manufacturing unit uses advanced packaging machinery and printing technology that ensures Packman’s customers get fast and efficient delivery, high-quality brand representation through their product packaging.
Packman Packaging Top Offerings
Custom Corrugated Boxes – Packman Packaging is one of the largest manufacturers of 3 ply corrugated boxes in India, 5 ply corrugated boxes, and 7 ply corrugated boxes along with corrugated rolls in India. At Packman’s online store you can customize (with your logo, graphics, shipping instruction) and buy corrugated boxes at the Best Manufacturer Rates and at Best Quality, Get PAN India Delivery, Free Shipment, Discounts on Bulk orders
Tamper Proof Courier Bags – You can buy Tamper Proof 60 Microns Security Courier Bags and 50 microns security at the Best Manufacturer Rates and at Best Quality, Get PAN India Delivery, Free Shipment, Discounts on Bulk Orders.
Stand Up Pouches – You can buy all kinds of customized and non-customized Stand-Up Pouches at the best wholesaler Rates and at the Best Qualities. Some of best seller stand up pouches at Packman store are:
Transparent Pouches with Zip Lock
Kraft Finish Stand Up Pouches with Zip Lock
Custom Printed Stand Up Pouches
Oval Window Stand Up Pouches.
Silver Standup Pouches with Zip Lock
Stand Up Pouches with Nozzle for Handwash, Ketchup and for Food Paste packaging.
#buy corrugated boxes#packman packaging#buy courier bags online#corrugated box manufacturers#corrugated boxes#buy corrugated boxes online#packmanpackaging#tamper proof courier bags#corrugated box suppliers#corrugated box wholesalers
0 notes
Link
0 notes
Text
How to Register for Udyam Registration
What is Udyam Registration?
Udyam Registration is a free online process for registering micro, small, and medium enterprises (MSMEs) in India. It is a self-declaration process, meaning there is no need to upload any documents or certificates. Udyam Registration is a replacement for the previous MSME registration process, and it is mandatory for all MSMEs in India to register under Udyam.
Benefits of Udyam Registration
There are many benefits to registering your MSME under Udyam, including:
Access to government schemes and subsidies
Priority in government procurement
Bank loans at concessional interest rates
Exemption from certain taxes and fees
Easier access to credit and other financial services
Enhanced brand image and credibility
Eligibility for Udyam Registration
Any enterprise that meets the following criteria is eligible to register for Udyam:
It is a micro, small or medium enterprise (MSME)
It is located in India
It is owned and operated by an Indian citizen or resident
Types of MSME Enterprises
Micro, small and medium enterprises are classified as follows:
Micro Enterprise
Manufacturing: Investment in plant and machinery up to ₹25 lakh and annual turnover up to ₹5 crore
Services: Investment in equipment up to ₹10 lakh and annual turnover up to ₹2 crore
Small Enterprise
Manufacturing: Investment in plant and machinery up to ₹5 crore and annual turnover up to ₹50 crore
Services: Investment in equipment up to ₹2 crore and annual turnover up to ₹50 crore
Medium Enterprise
Manufacturing: Investment in plant and machinery up to ₹10 crore and annual turnover up to ₹250 crore
Services: Investment in equipment up to ₹5 crore and annual turnover up to ₹250 crore
How to Register for Udyam
To register for Udyam, you can follow these steps:
Visit the official Udyam Registration portal at https://eudyam.org/
Click on the "New Registration" tab.
Enter your Aadhaar number and the name of the entrepreneur as per the Aadhaar card.
Click on "Validate & generate OTP".
Enter the OTP received on your mobile number and click on "Validate OTP".
Select the type of business or organization.
Fill in all other relevant details in the form. Double-check every piece of information before submitting the registration form.
Submit and validate your Udyam registration form by entering your mobile number and the OTP received on it.
After successful registration, you will receive a 'Thank You' message on your mobile number and e-mail ID, along with your Udyam registration number.
You can then download and print your Udyam Registration Certificate.
Documents Required for Udyam Registration
There are no documents required for Udyam registration. It is a self-declaration process, and you only need to provide your Aadhaar number and other relevant details in the registration form.
Tips for Udyam Registration
Here are some tips for Udyam registration:
Make sure that you have a valid Aadhaar number.
Fill in all the details in the registration form carefully and double-check them before submitting the form.
Keep your Udyam registration number handy for future reference.
Update your Udyam registration details whenever there is a change in your business information.
Conclusion
Udyam registration is a free and easy process that offers many benefits to MSMEs. If you are an MSME owner, I encourage you to register for Udyam today to take advantage of all the benefits that it has to offer.
Here are some additional tips for MSMEs:
Take advantage of the various government schemes and subsidies available to MSMEs.
Get your MSME certified by a recognized body to enhance your brand image and credibility.
Network with other MSMEs and learn from their experiences.
Keep up-to-date with the latest trends and developments in your industry.
0 notes
Text
Revving Up Business: Yamuna Expressway Authority's 119 Industrial Plot Scheme
The YEIDA (Yamuna Expressway Industrial Development Authority) has initiated a scheme aimed at allocating 119 industrial plots within Sectors 28, 29, 32, and 33. These plots will cater to a diverse range of industries, including toy parks and handicrafts. The application window is open until October 27, and the allocation of these plots will be determined via a lottery draw scheduled for November 17. Here are five crucial aspects of the scheme.
Location and Number of plots
The industrial plots are strategically located near upcoming developments and major expressways for easy access.
This scheme is presenting a total of 119 industrial plots for sale, with a specific allocation as follows: 5 plots designated for toy manufacturing, 41 plots for handicrafts and furniture, and 63 plots categorized under MSME. These plots come in various sizes, ranging from 300 sqm to 4,000 sqm, where all the toy manufacturing plots are uniformly sized at 1,800 sqm, while the remaining ones vary in size.
Price and Payment Plan
The plots are available for purchase at a rate of Rs 13,542 per square meter, resulting in a price range spanning from Rs 40.62 lakh to Rs 5.41 crore. A 10% registration fee, based on the plot's cost, is required, and applicants are also obligated to pay a non-refundable processing fee of Rs 15,000 (exclusive of GST).
0 notes
Text
Amenities and Location Advantage: What Makes Akshar Business Park Stand Out
In the bustling city of Navi Mumbai, where the demand for commercial real estate is ever-growing, Akshar Business Park emerges as a beacon of innovation and convenience. Developed by the esteemed Akshar Group, this project has quickly gained a reputation for offering Grade-A commercial properties in Vashi that meet the diverse needs of businesses and industries. What sets Akshar Business Park apart from the rest is not just its prime location, but also the incredible amenities and project features it brings to the table.
A Hub of Grade-A Offices
Akshar Business Park is a testament to the vision of the Akshar Group, as it brings together more than 500 Grade-A offices under one expansive roof. This creates a vibrant ecosystem where businesses of all sizes and industries can thrive. Whether you're a finance company, a pharmaceutical giant, an automobile manufacturer, a consultancy firm, a tech startup, or part of the media industry, Akshar Business Park has the perfect office space for you.
Horizontal Layout for Maximum Efficiency
One of the standout features of this project is its unique horizontal layout, covering an impressive area of 1 kilometer. Unlike traditional vertical office structures, this horizontal design maximizes efficiency and accessibility. It allows for easy navigation within the premises, reducing the time spent on commuting between floors and fostering collaboration among businesses.
Exceptional Connectivity
Akshar Business Park enjoys exceptional connectivity, making it a preferred choice for businesses looking to establish their presence in Navi Mumbai. It is well-connected through both rail and arterial roads, ensuring that employees and clients can reach the site effortlessly. The Turbhe Railway Station is just a short 5-minute walk or 500 meters away, while Palm Beach Road, a major transportation artery, is a mere 10 minutes from the location.
Rooftop Amenities Galore
For those who value recreation and leisure, Akshar Business Park offers an impressive array of 17 rooftop amenities spread over 1 lakh square feet, making it the largest in Navi Mumbai. These amenities include lush green gardens, jogging tracks, cafeterias, and relaxation zones. The rooftop spaces provide a serene escape from the hustle and bustle of daily work life, fostering a healthy work-life balance for employees.
Proximity to Commercial Hubs
Strategically situated in close proximity to multinational companies and government offices in Vashi, a thriving commercial hub in Navi Mumbai, Akshar Business Park offers businesses a prime location advantage. This accessibility facilitates networking, collaborations, and partnerships with other established entities, providing ample growth opportunities.
Two Phases of Excellence
Akshar Business Park boasts two distinct phases, Phase I and Phase II, which collectively house leading brands from various sectors including finance, pharma, automobile, consultancy, traders, chemicals, tech, media, and more. This diversity creates a dynamic environment where businesses can interact, share ideas, and foster growth.
Location Advantages Beyond Compare
Apart from its proximity to commercial hubs, Akshar Business Park offers a range of location advantages that make it stand out. It's close to the APMC Market and High-rise Business Complexes, providing easy access to essential services and potential clients. Sanpada Railway Station is a mere 10 minutes away, while Turbhe Bus Depot and Vashi Bus Depot are conveniently located within 5 to 10 minutes. The Thane-Belapur Road and Sion-Panvel Highway are also just a stone's throw away, enhancing connectivity.
For businesses with a broader regional outlook, Akshar Business Park is strategically positioned, with commercial property in Vashi available five times, offering even more opportunities for expansion and collaboration. Additionally, Airoli, Chembur, and JNPT SEZ - Uran are within 15 to 22 kilometers, further enhancing the project's regional accessibility. Furthermore, the proposed Navi Mumbai Airport is a short 35-minute drive, making national and international travel a breeze.
In conclusion, Akshar Business Park is more than just a commercial real estate development; it's a strategic investment in the future of businesses. Its impressive amenities, innovative layout, and unbeatable location advantages, including the availability of commercial property in Vashi five times over, make it a standout choice for businesses looking to thrive in Navi Mumbai's dynamic market. Whether you're a startup seeking to make a mark or an established industry leader looking to expand, Akshar Business Park offers the perfect setting for your success.
For more visit — https://www.akshardevelopers.com/akshar-business-park.php
This Article is Submitted in Medium
0 notes
Text
Partnership firm registration in Chennai
In India, registering a partnership firm is a relatively straightforward process, and it provides legal recognition and protection to the business entity. A partnership firm is a popular choice for small and medium-sized businesses where two or more individuals come together to carry out a business venture with shared responsibilities, profits, and losses.
What is the ITR form for partnership firm?
In India, partnership firms are required to file their income tax returns (ITR) using specific forms provided by the Income Tax Department. The choice of ITR form depends on the nature of income, the type of business, and the annual turnover of the partnership firm.
1. ITR-5:
ITR-5 is the most commonly used form for filing income tax returns by partnership firms. This form is meant for entities other than individuals, Hindu Undivided Families (HUFs), companies, and individuals who are filing ITR-7 (for trusts, political parties, etc.).
Here are some key points about ITR-5 for partnership firms:
A. Eligibility:
Firms with Partnership firm registration in Chennai, including Limited Liability Partnerships (LLPs), can use ITR-5.
It is suitable for firms with business income, such as trading, manufacturing, or providing services.
ITR-5 can be used by firms irrespective of their turnover.
B. Income Sources:
Partnership firms should report income from business or profession, capital gains, income from other sources, and income from investments in this form.
It is essential to provide details of income, such as interest income, rental income, etc.
C. Computation of Income:
Partnership firms need to calculate their total income, deductions, and exemptions as per the provisions of the Income Tax Act.
The firm should provide a balance sheet and profit and loss account, which is audited by a Chartered Accountant, along with the return.
D. Audit Requirement:
If the annual turnover of the partnership firm exceeds Rs. 1 crore (or Rs. 25 lakhs for professionals), it is mandatory to get the accounts audited under Section 44AB of the Income Tax Act. In such cases, the audit report in Form 3CA/3CB and the tax audit report in Form 3CD should be submitted along with the ITR.
E. Due Date for Filing:
The due date for filing ITR-5 for a company with Partnership firm registration in Chennai is usually July 31st of the assessment year. However, it may get extended by the Income Tax Department.
F. Mode of Filing:
ITR-5 can be filed online on the Income Tax Department's e-filing portal.
G. Consequences of Non-Filing:
Failure to file ITR-5 or filing it after the due date can lead to penalties and interest charges.
2. ITR-3:
ITR-3 is another form that can be used by partnership firms, especially if the firm includes individual partners who have income from the business.
Here are some key points about ITR-3 for partnership firms:
A. Eligibility:
ITR-3 is meant for individuals and Hindu Undivided Families (HUFs) who have income from a proprietary business or profession.
It can be used by a partnership firm if it has individual partners who are liable to pay tax on their share of income from the firm.
B. Income Sources:
Firms with Partnership firm registration in Chennai filing ITR-3 should report their business income, income from profession, capital gains, income from other sources, and income from investments.
Individual partners must report their share of income from the partnership firm.
C. Computation of Income:
The partnership firm should calculate its total income, deductions, and exemptions, similar to ITR-5.
Individual partners need to include their share of partnership income in their individual returns.
D. Audit Requirement:
The audit requirement for partnership firms under ITR-3 is the same as that for ITR-5. If the annual turnover exceeds Rs. 1 crore (or Rs. 25 lakhs for professionals), a tax audit is mandatory.
E. Due Date for Filing:
The due date for filing ITR-3 is also typically July 31st of the assessment year.
F. Mode of Filing:
ITR-3 can be filed online on the Income Tax Department's e-filing portal.
G. Consequences of Non-Filing:
Non-filing or late filing of ITR-3 can result in penalties and interest charges, similar to ITR-5.
3. ITR-4:
ITR-4 is primarily meant for individuals and Hindu Undivided Families (HUFs) who have income from a proprietary business or profession.
However, it may be relevant for certain partnership firms, specifically those with a presumptive income scheme.
Here are some key points about ITR-4 for firms with Partnership firm registration in Chennai:
A. Eligibility:
ITR-4 is designed for individuals, HUFs, and firms who have opted for the presumptive income scheme under Section 44AD, 44ADA, or 44AE of the Income Tax Act.
Partnership firms that have opted for presumptive taxation can use this form.
B. Income Sources:
ITR-4 covers income from business, profession, and income from other sources, but it is primarily intended for businesses with presumptive income.
C. Computation of Income:
Under the presumptive income scheme, the firm's income is presumed to be a certain percentage of its gross receipts. Partnerships opting for this scheme do not need to maintain detailed books of accounts.
D. Audit Requirement:
Partnership firms with Partnership firm registration in Chennai under the presumptive income scheme are not required to get their accounts audited unless their total income exceeds the maximum amount not chargeable to tax. In such cases, the audit report in Form 3CD is required.
E. Due Date for Filing:
The due date for filing ITR-4 is typically July 31st of the assessment year.
F. Mode of Filing:
ITR-4 can be filed online on the Income Tax Department's e-filing portal.
G. Consequences of Non-Filing:
Similar to other forms, non-filing or late filing of ITR-4 can result in penalties and interest charges.
In conclusion, the choice of ITR form for a firm with Partnership firm registration in Chennai depends on factors such as the nature of income, turnover, and whether individual partners are involved.
Partnership firms should carefully assess their tax situation, maintain proper records, and consult with a qualified Chartered Accountant to ensure compliance with the applicable ITR form and other tax-related requirements.
0 notes
Text
5 Government Business Loan Schemes in India 2022
An economy's growth depends on its MSMEs (Micro, Small and Medium Enterprises). MSMEs always provide a remedial solution to the significant economic problems such as poverty, unemployment, income inequality, regional imbalances and so on. Its vital role ensures a balance in local development, and income equality. This industry is responsible for providing employment to millions of people in our country, and the harnessing of local talent which in turn plays a pivotal role in contributing to the GDP of the country.
At present, the MSME sector is responsible for creating around 11.10 crore jobs across the country. That’s why this sector is also known as India’s engine of growth. MSMEs contribute to 8% of the overall GDP, around 40% of the total exports, and 45% of the country’s manufacturing output comes from this sector.
MSMEs are part of the organized as well as the unorganized sectors. Yet, like all fledgling businesses, an MSME entity faces a lot of hurdles to get the right kind of financial support for various activities including, obtaining infrastructure to support existing business activities or for business expansion.
Business Loan by Government
MSME (micro, small, & medium enterprise) sector is the heart of the Indian economy. The sector is known for being the largest job creator in India and contributes almost 30% to overall India’s GDP.
Given the sector’s importance and the role it plays in India’s growth, the Government of India offers various credit schemes to strengthen the MSME sector.
Business loans by the government offer the right kind of financial backing to MSMEs to support the existing business activities and drive expansion. Also, the start up business loan by the Indian government provides easy access to capital to convert bankable business ideas to profitable ventures.
1. MSME Loan in 59 Minutes
This scheme, also known as PSB Loan in 59 minutes, launched by the Government of India in which introduced a quick business loan portal for the individuals who need to expand their existing business.
Must Read: Everything You Need to Know about Business Loan
Under this scheme, MSMEs can get loan amounts from INR 1 lakh to INR 5 crores from public and private sector banks and NBFCs (Non-Banking financial companies). MSME/PSB Loans in 59 minutes provides you with the required financial resources in the stipulated time and pretty quickly.
Which business/enterprise is eligible for his loan scheme? So there are some factors which determine the eligibility of business:
Income/Revenue
Repayment capacity of the borrower
Existing credit facilities
Other factors set by the financial lender.
There are other benefits to this scheme as well;
The entire loan process expects to be duper quick and too, with minimal documentation.
The loan processes without human intervention until the last stage of the loan sanction. That is why it is an Advanced Technology Backed Loans scheme.
The loan process always needs a lot of safety and security of applicants details. So, considered this issue, the entire data of the applicant keep safe and secure with the highest level of security
2. Pradhan Mantri MUDRA Yojana (PMMY)
MUDRA stands for Micro Units Development and Refinance Agency Ltd.
MUDRA provides refinancing support to Banks and NBFCs for lending to Micro units having loan requirements up to INR 10 lakhs under the scheme of Pradhan Mantri MUDRA Yojana. Under PMMY, MUDRA divided the loan into three categories as ‘Shishu’, ‘Kishore’ and ‘Tarun’ to signify the stage of growth/development.
Presently, the purpose of Mudra Loan is not to develop small units but it is offered as a;
Business loan for the vendors, traders, shopkeeper and other service activities.
A working capital loan through Mudra card;
Loan for tractors, two-wheeler, or another Transport vehicle (only for commercial use)
Equipment finance for micro-units.
Against the Mudra loan amount, it issues a MUDRA Card (as a debit card). Borrowers can use it for multiple withdrawal and credit facilities so that they can manage the working capital limit efficiently and keep the interest burden minimum. Mudra cards also help in digitalization of all Mudra transactions and keep a record of borrower’s credit history.
3. Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGFMSE)
CGFMSE is a Government business loan scheme launched by the Government of India (‘GOI’) allowing collateral-free credit to the MSME sector. It includes both existing as well as new enterprises. The Ministry of MSMEs and Small Industries Development Bank of India (SIDBI) established a Trust named Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) to implement CGFMSE scheme. Under this funding scheme, MSMEs get access to a loan amount of up to INR 200 lakhs with a special preference to eligible women.
The Guarantee Cover is available to the extent of a maximum of 85% of the sanctioned amount of the credit facility. The fees charged by the trust funds is 1% per annum of the amount sanctioned:
0.75% for credit up to Rs. 5 lakh;
0.85% for credit above Rs. 5 lakh but up to Rs 100 lakh
As per the eligibility criteria, the already existing or newly established enterprises who are engaged in the following activities are eligible for this scheme,
1. Manufacturing activity
Retail trade;
Educational institutions;
Self-help groups;
Training institutions.
2. Service activity, except
Must Read: 10 Types of Business Loans in India [Compare & Choose Best]
4. National Small Industries Corporation (NSIC)
NSIC is an ISO certified Indian Government enterprise under MSMEs. It is working to aid and promote the growth of MSMEs by providing combined support services encircling finance, marketing, technology and other allied services all across the nation. To encourage the growth of MSMEs, NSIC provides various schemes:
Marketing Support Scheme - Marketing support is significant for the development of any business and also crucial for the growth of MSMEs in the present intense competitive market. To support such enterprises, NSIC devised schemes such as Consortia and Tender Marketing. NSIC forms Consortia of MSMEs working on behalf of MSMEs to reduce their burden), Marketing Intelligence (NSIC setup marketing intelligence cells to spreading awareness about several schemes for MSMEs) and Exhibitions and Technology Fairs.
Credit Support Scheme - Under this scheme, NSIC provides finance for raw material procurement, finance for marketing activities and finance through syndication with banks to MSMEs.
5. Credit Linked Capital Subsidy Scheme (CLCSS)
CLCSS is an innovative credit scheme launched by the Ministry of MSMEs with the primary objective to aid the technology up-gradation of MSMEs, especially in rural and semi-urban areas. Under this scheme, businesses can opt for a 15% subsidy on investment in eligible machinery. However, there is a maximum cap on the subsidy restricting it to INR 1 crore.
The CLCSS offers various benefits to small scale industries that are:
It provides 15% subsidy for purchasing an eligible plant, equipment and machinery which help in reducing the overall burden of small scale industries;
Help small scale industries to upgrade to the latest and required technologies,
It boosts the growth of rural industries which can now manufacture high-quality products.
Business Loan from Fullerton India
Get up to Rs. 50 lakhs in business loan from Fullerton India if you intend to purchase machinery, raw materials and equipment to expand your enterprise operations, to invest in fixed assets or even to meet requirements for working capital. Conveniently apply for a business loan online by first checking your eligibility.
Age Criteria: Minimum 22 years at the time of application and maximum 65 years of loan maturity
For Individuals: Individuals who have been involved in the present business for a minimum of three years and must possess a total of five years of business experience
Company Type: Self-employed individuals, proprietors, private limited companies, and partnership firms working in manufacturing, trading, or services.
Business Turnover: A minimum of Rs. 10 lakhs per year
Business Vintage: Minimum 2 years in profit
Business with a Minimal Annual Income (ITR) of Rs. 2 lakhs per year
Use our business loan EMI calculator to check your monthly instalment before you proceed to make your loan application with Fullerton India.
Source: https://www.smfgindiacredit.com/knowledge-center/government-business-loan-schemes.aspx
0 notes
Text
MSME (Micro, Small and Medium Enterprises MSME)
Micro, Small and Medium Enterprises (MSMEs) play a significant role in the Indian economy by generating employment and contributing to GDP growth. To promote the growth and development of these enterprises, the Government of India has introduced various schemes and initiatives, including MSME registration.
MSME registration is the process of obtaining a certificate of registration from the Ministry of Micro, Small and Medium Enterprises or the District Industries Center, which provides various benefits and incentives to registered MSMEs.
To register as an MSME, an enterprise must fulfill the following eligibility criteria:
Classification: The enterprise should be classified as micro, small, or medium as per the MSME Act, 2006:
Micro enterprises: Investment in plant and machinery or equipment should not exceed INR 1 crore and turnover should not exceed INR 5 crores.
Small enterprises: Investment in plant and machinery or equipment should not exceed INR 10 crores and turnover should not exceed INR 50 crores.
Medium enterprises: Investment in plant and machinery or equipment should not exceed INR 50 crores and turnover should not exceed INR 250 crores.
Entity type: The enterprise should be a sole proprietorship, partnership, LLP, private limited company, or any other type of legal entity recognized under Indian law.
Business activity: The enterprise should be engaged in manufacturing, processing, or preservation of goods, or providing services.
To register as an MSME, an enterprise needs to follow the below steps:
Obtain Udyog Aadhaar: The first step in the MSME registration process is to obtain a Udyog Aadhaar from the government portal. This can be done by providing basic details such as the name of the enterprise, address, type of entity, and bank details.
Registration with District Industries Centre: The enterprise can then register with the District Industries Centre by submitting the Udyog Aadhaar and other required documents such as PAN card, GST registration, and bank account details.
Certificate of Registration: Once the registration is completed, the enterprise will receive a certificate of registration as an MSME
Benefits of MSME Registration:
Easy access to credit: Registered MSMEs can avail of various schemes and initiatives that provide credit at lower interest rates and with reduced collateral requirements.
Tax benefits: MSMEs can avail of various tax benefits such as exemption from GST registration for businesses with turnover up to INR 40 lakhs, exemption from income tax for up to 3 years, and lower rates of tax under presumptive taxation.
Incentives and subsidies: Registered MSMEs can avail of various incentives and subsidies under government schemes such as the Credit Guarantee Fund Scheme, the Technology Upgradation Fund Scheme, and the Market Development Assistance Scheme.
Access to government schemes: MSMEs registered under the Udyog Aadhaar can participate in various government schemes and initiatives such as the Startup India Scheme, the Skill India Mission, and the Stand-Up India Scheme.
In conclusion, MSME registration in India is a simple and easy process that provides numerous benefits and incentives to registered enterprises. MSMEs play a crucial role in the Indian economy, and the government is committed to promoting their growth and development through various schemes and initiatives.
If you have any questions or wish to know more about “(Micro, Small and Medium Enterprises MSME)” Kindly Contact us.
0 notes
Text
Section 206C of the Income Tax Act, 1961
Introduction
A new TCS section 206C (1H) was added to Finance Bill 2020. The updated section specifies that if a seller sells goods and the total sales value exceeds INR 50,00,000 (the threshold amount) in the same financial year, the seller must collect TCS from the customer. The content in this article includes eligibility requirements under Section 206 of TCS, the deadline for submitting TCS, and a definition of Section 206 of the Income Tax Act.
What is Section 206C of the Income Tax Act, 1961?
The Finance Act, 2020 has been amended by the government of India to insert a new Section 206C (1H) that covers the Tax Collected at Source (TCS) rules to the seller of goods. According to this section, if a seller receive more than INR 50 lakh from a single buyer in a single financial year, he must collect tax if his total turnover exceeds INR 10 crore. It is important to remember that when the payment is received, the TCS (Tax Collected at Source) needs to be paid.
A. The Income Tax Act defines a seller as:
The National Government,
The federal, state, or municipal governments, businesses, state governments, or other entities formed by law,
The cooperative societies, the corporation, and the firm,
HUFs (Hindu undivided families) or individuals whose accounts are audited for taxes under Section 44AB.
B. “Buyer” is described under the Income Tax Act as:
“Buyer” is described in Section 206C clause as any individual having the right to purchase a particular product by any means, including auction, tender, sale, or other means. Every single one of these people is a buyer, except:
Any public sector company, the federal, state, or local governments, as well as any foreign state or club’s embassy, legation, commission, or consulate,
Trade representation from an international organization or state,
A buyer who purchased products for their own use at a retail sale.
What are the Qualifications under Section 206C of TCS?
Below is a list of the points that fall within Section 206C of TCS’s Eligibility Criteria:
This clause only applies to sellers whose total revenue in their financial year before the sale exceeds Rs. 10 crore.
Goods are not included in exports or those covered by sections 206C(1) — TCS on the sale of alcohol, tendu leaves, forest produce, and scrap; 206C(1F) — TCS on the sale of motor vehicles; and 206C(1G) — TCS on external remittance.
TCS is not needed to be reduced if the buyer is a Central or State Government, Embassy, High Commission, Legation, Consulate, Trade Representation of a Foreign State, or any local authority.
The seller is not obligated to collect TCS on transactions in which the buyer is required under any other provision of the Income Tax Act to deduct TDS from items that they have purchased from the seller, and they have already done so.
This rule does not apply to imported items into India.
What are the goods applicable and tax rate under Section 206?
The following is the list of goods applicable under Section 206 along with tax rate:
Timber obtained under a forest lease with the 2.5% tax rate.
Tendu leaves with 5% tax rate.
Scrap with 1% tax rate.
Alcohol for human consumption with 1% tax rate.
Timber obtained other than under a forest lease with the 2.5% tax rate.
Minerals including coal, lignite, or iron ore 1% tax rate.
Forest produce other than tendu leaves and timber with the 2.5% tax rate.
Note: Goods purchased by an Indian resident for the purpose of manufacturing or producing other items, as compared to trading, are free from tax under section 206C of the Income Tax Act. Buyers are required to file an application and deliver a copy to the Income Tax Department commissioner within 7 days of the sale’s completion.
What is the due date for filing TCS Quarterly?
The following are the due dates for filing Tax Collected at Source quarterly:
The due date for the quarter 1st April to 30th June is 15th July.
The due date for the quarter 1st July to 30th August is 15 October.
The due date for the quarter 1st October to 30th December is 15th January.
The due date for the quarter 1st January to 30th March is 15th May.
“Stay compliant with the latest tax laws using our Income Tax Filing Service. We provide personalized tax strategies to reduce your tax liability. Our secure, digital process ensures confidentiality of your financial data. Trust us for a smooth, efficient, and timely tax filing experience!”
Conclusion
Sellers whose entire sales value exceeds INR 50,00,000 in a financial year are subject to a tax collection obligation under Section 206C of the Income Tax Act, 1961. The purpose of this section is to guarantee that taxes on high-value transactions involving the sale of products are paid to the government. A restricted number of goods and services are subject to the tax, and sellers who sell goods to customers for more than INR 50 lakh are required to collect TCS at a rate of 0.075%. To avoid fines and interest, the TCS must be submitted with the government within a particular period of time.
0 notes
Text
Small Steps, Big Impact: Launching Businesses with PMEGP
What is the PMEGP loan scheme?
Under the Prime Minister's Employment Generation Programme (PMEGP), individuals aged 18 and above who have passed at least 8th standard are eligible to apply for loans to start their own microenterprise ventures. This scheme is available to all sectors except for those that fall under the agricultural category.
Which business comes under PMEGP ?
The following industries or sectors can avail of a loan under the PMEGP scheme:
Service and textile.
Handmade fibre and paper.
Mineral based products.
Agro based food processing.
Forest based products.
Rural engineering.
Rural biotech
Polymer based products.
Importance of entrepreneurship in economic development
Job creation
Economic growth
Standard of living
Capital formation
Improvement in per capita income
Balanced regional development
Generation of employment
Innovation
Economic independence
Is PMEGP loan interest free?
The interest rate applicable to PMEGP shall be the normal interest rate ranging between 11% to 12%, and the repayment tenure can range from three years to seven years following an initial moratorium.
What are the key points of PMEGP ?
The PMEGP loan limit is Rs. 9.5 to Rs. 50 lakh. The scheme caps the maximum project cost for the manufacturing sector at Rs. 50 lakh. It caps the cost at Rs. 20 lakh for the business/ service sector. The beneficiary makes a 5 to 10% contribution, and the bank sanctions the remaining 90 to 95%.
Why should startups go for the PMEGP scheme?
Arranging for adequate capital can be challenging for newer businesses. Keeping that in mind, the Government of India launched the Prime Minister's Employment Generation Programme (PMEGP). Nascent companies can seek financial assistance from PMEGP to keep their operations running smoothly.
With the help of the PMEGP scheme, the Government offers subsidies up to 35% on the total project cost. The project cost covered is up to Rs. 20 lakh for service units and Rs. 50 lakh for manufacturing units.
1 note
·
View note
Last Seen Blogs
tevinternet
bird on a wire; rat in a pocket
stephohara
cat mom delux
nerdy-nightmare
★ Nerdy Nightmare ★
vanillabox
I love Bee
mypout
Hello I'm mypout