<keyword id="20190045" type="General" weightage="20" keywordseo="Industry-body" source="keywords">Industry body</keyword> <keyword id="21568150" type="General" weightage="20" keywordseo="SME-Chamber-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="SME Chamber of India" meta.hostid="261" meta.entityid="SME Chamber of India">SME Chamber of India</keyword> has urged <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> to continue the 45-day <keyword id="21233021" type="General" weightage="100" keywordseo="MSME-payment-rule" source="keywords">MSME payment rule</keyword> for <keyword id="20008810" type="General" weightage="20" keywordseo="corporates" source="keywords">corporates</keyword> and other buyers. According to Section 43B(h) of the <keyword id="19936187" type="General" weightage="20" keywordseo="Income-Tax-Act" source="keywords">Income Tax Act</keyword>, introduced through the <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Act 2023, if a larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. The government in last year's Budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country. "We are pursuing not to change the 45-day MSME payment rules imposed by the Department under the pressure of corporates or multinational companies to save the life span of the MSME sector. Section 43B(h) of the Income Tax Act reinforces the importance of timely payments by mandating that companies settle payments to MSME vendors within 45 days to qualify for deductions," SME Chamber said in a statement addressed to Sitharaman. The industry body argued that this provision serves as a powerful incentive for companies to adhere to payment timelines, thereby supporting the financial health of MSMEs. "Many MSMEs are NPA victims of corporates, who are buying from them and not dealing through the TReDs platform. Most of the corporates and multinational companies are forcefully insisting to deregister from the Udyam Portal and insisting not to deal through the TReDs platform," SME Chamber stated. The industry body also urged the finance minister to consider providing Rs 5 crore loans under the "Differential Rate of Interest" scheme for micro and <keyword id="20569966" type="General" weightage="20" keywordseo="small-enterprises" source="keywords">small enterprises</keyword>. It suggested changing the NPA definition from 90 days to 180 days for the MSME sector. The chamber also sought the setting up of a task force to review various issues, hurdles, grievances and difficulties faced by MSMEs for availing credit facilities and the lack of approach by the financial institutions towards enhancement of credit flow to the MSME sector.

Continue 45-day MSME payment rule: Industry body to Finance Minister Nirmala Sitharaman

Nagpur, Apr 26 () Union minister Nitin Gadkari hasinteracted with about 1.05 crore people from various walks oflife via video conferencing and other online platforms so farduring the ongoing lockdown period, according to a release.He discussed the concerns and suggestions of peopleand tried to address their problems during these interactions,stated the release issued by the office of the Road Transportand MSME minister.The people who interacted directly or indirectly viavideo link with the Nagpur MP included aggrievedentrepreneurs, students and journalists, it stated.Gadkari also held interaction with several tradeassociations across India through video conference, Twitter,Facebook, YouTube, news channels."These include FICCI, SME, PHD chamber of commerce,AIPMA, Bhartiya Shikshan Mandal, Young President association,Maharashtra economical Development Council, ASSCHOM, CEO Clubof India, Bharat Chamber of Commerce, CREDAI Mumbai etc," itstated.Gadkari held virtual interactions with students,entrepreneurs, journalists and other organisations during theongoing lockdown, it said."The minister heard the concerns of the entrepreneursand noted down suggestions and tried to address their problemsby discussing it with Finance, Commerce and Railwaydepartments," it said.Gadkari guided the entrepreneurs and those concernedon how to go forth in this time of crisis and emphasised onless import and increasing export with quality productionthorough low cost of production. He assured all possible helpsupport from the Central government towards this challenge,according to the release.On Sunday evening, the minister interacted with Indianstudents from 43 renowned universities across the world. Theprogramme was organised by Indian overseas scholars andstudents, it stated. CLSNSK NSK

Lockdown:Gadkari reached out to 1.05 cr people,says his office

New Delhi, Apr 26 () Union Minister Nitin Gadkari on Sunday asked Indian overseas students to make concerted efforts to convert COVID-19 adversity into an opportunity."As we are moving ahead restarting various activities, all of us need to follow all the precautions regarding health protocols to prevent transmission of COVID-19 virus. Our industries – big, medium, small or micro will also have to effect a paradigm shift in the way they were doing their business operations," the road, transport, and MSME minister said.According to a statement, the minister said the companies need to look for new partnerships with global firms, attracting them to set up for joint ventures in India.Gadkari said efforts need to meet not only Indian demand but also cater to the global market as many companies are looking to shift away from China.He called upon the young Indian students studying abroad to contribute in this goal in a big way, according to the statement.The minister has undertaken a massive outreach exercise in last few days with various sectorsand sections of the society by way of webinars, video conference, and other social media platforms. This has resulted in taking communication outreach with about 1.30 crore people, the statement said.It said the minister has interacted with about 8,000 business leaders, industrialists, entrepreneurs so far, listening to their issues, conveying their matters to relevant ministries and departments, including Finance, Commerce and Industry, Railways, Labour &amp; employment etc.Gadkari invited the students and scientists of Indian origin to participate in India's growth story and the new opportunities in various fields of research, innovation, management, medicine, higher education, etc. He interacted with overseas Indian students from 43 universities of various countries through video conferencing on Sunday.He assured that the government is highly supportive of such ventures in various modes, be it PPP or JV.Gadkari said his ministry will help in getting necessary clearances in 3 months for ventures.He also said a big push is being given to infrastructure development and to the growth of rural, tribal and agriculture sectors/areas.The minister pointed out that all stakeholders will have to work together.As per the statement, Gadkari mentioned that 22 Green Express Highways are being developed and work on a new alignment of Delhi -Mumbai Expressway has started.This has resulted an opportunity for industry to make future investments in industrial clusters, industrial parks, logistics parks, etc.He said, nearly 2,000 roadside amenities will be developed alongside these highways.Organisations whose members and representatives have interacted with Gadkari earlier include FICCI, SME, CREDAI Mumbai, SMEs, CEOs Club of India, AIPMA, Bhartiya Shikshan Manal, Young Presidents Organisation, Maharashtra Economic Development Council, ASSOCHAM, PHD Chamber of Commerce, Bharat Chamber of Commerce. NAM BAL

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Continue 45-day MSME payment rule: Industry body to Finance Minister Nirmala Sitharaman

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Lockdown:Gadkari reached out to 1.05 cr people,says his office

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Gadkari asks overseas Indian students to convert COVID-19 crisis into opportunity

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