Govt plans insurance scheme for GST-registered small traders
PrintListen to this Article
According to sources, the scheme may provide accidental insurance cover on the lines of Pradhan Mantri Suraksha Bima Yojana (PMSBY) for the traders at an affordable premium.
This could be based on the scheme being operated by the Uttar Pradesh government for traders.
Sources said small traders could get accidental insurance cover of up to Rs 10 lakh based on turnover.
The scheme, if approved by the government, is likely to be announced by the end of this month before the commencement of the Budget session, the sources added.
PMSBY currently provides Rs 2 lakh accidental cover just at affordable rate of Rs 12 per annum. The Scheme is available to people in the age group 18 to 70 years with a savings bank account who give their consent to join and enable auto-debit on or before May 31 every year.
Besides, the government is also considering to provide concessional finance to traders, who wish to adopt computerisation and upgrade their businesses.
A special policy may be formulated to encourage women entrepreneurs, sources said, adding a higher interest subvention to these entrepreneurs is also being contemplated.
Out of the government procurement mandated from small traders, certain percentage could be reserved for women entrepreneurs.
Last year, the government had announced 59-minute loan sanctions, relaxation in labour laws, easier compliance with environmental rules and changes in company laws for small and medium enterprises to give a boost to the nation's second-biggest employing sector. #casansaar (Source - PTI, Times of India)
Category : GST | Comments : 0 | Hits : 367
TEST
Dear Taxpayers, 1. GSTN is pleased to inform that an enhanced version of the GST portal would be launched on 3rd May 2024. The effort is to improve user experience and ensure that the information you need is accessible and easy to navigate. 2. Key Enhancements Include (PDF with screenshots attached): i. News and Updates Section: We have introduced a dedicated tab for all news and updates. This section now includes a bet...
The Supreme Court on Friday issued notices to the central government, the Central Board of Indirect Taxes and Customs (CBIC), the Goods and Services (GST) Council and the National Anti-Profiteering Authority (its functions have been taken over by the Competition Commission of India) on a petition challenging a Delhi High Court verdict, upholding the constitutional validity of anti-profiteering provisions filed by a real estate company. The petition, filed by Swati Realty, says the high court ...
The delectable Malabar Parota will taste even better with the Kerala High Court ruling that the popular flatbread will attract GST at 5 per cent and not 18 per cent. With this the court has turned down order by the State’s Authority of Advance Ruling (AAR) and Appellate Authority for Advance Ruling (AAAR). Disposing a petition by Kochi-based Modern Food Enterprises, a single judge bench of Justice Dinesh Kumar Singh said if key inputs (cereals, flour, starch, etc) and preparations are s...
A businessman from Delhi was taken into custody by the Noida police for his alleged involvement in a massive Rs 15,000 crore GST fraud that was exposed last year, TOI reported. Tushar Gupta, aged 39 and residing in Tilak Nagar, was arrested as the 33rd suspect in this case. The police revealed that Gupta had exploited input tax credit (ITC) using 35 fake companies, resulting in a loss of Rs 24 crore to the exchequer over the past two years. He was reportedly part of a syndicate that utiliz...
Comments