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From April 1, E-Invoicing Mandatory For Firms With A Turnover Of ₹20 Cr+

From April 1, businesses with a turnover of more than Rs 20 crore must generate E-Invoices for B2B transactions, according to the Central Board of Indirect Taxes and Customs.  E-invoicing for business-to-business (B2B) transactions became essential under GST law on October 1, 2020, for companies with a turnover of over Rs 500 crore, and on …

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Atmanirbhar-Bharat

#Budget2021: AtmaNirbhar – Bharat & Freelancers

Atma Nirbhar Bharat, UnionBudget2021 & Freelancers  One of the first things Nirmala Sitharaman talks about the agenda of #Budget2021 is about building “Atma Nirbhar Bharat” Taking the Sankalp of #IndiaFirst, the Finance Minister quotes – “Ancient India was the business epicenter of the world, and Atminarbhar Bharat is the expression of 130 crore Indians who …

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MSMEs revival rests on Banks and Government, seeking for an action.

Minister of Micro, Small and Medium Enterprises (MSMEs), Nitin Gadkari referred to the sector as the ‘backbone of Indian Economy”. In these crucial times of COVID-19 pandemic and post pan India lockdown, the government is heavily relying on the MSME sector to climb out of the economic swamp. The government has taken several initiatives and …

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Govt’s Udyam portal witnesses over 11 lakh registrations

Launched on July 1, 2020, amidst the COVID-19 pandemic, Union MSME ministry’s new portal for MSME registration witnesses over 11 lakh registrations till now.  Seeking help from its field establishments to help entrepreneurs register entities on the portal and execute the process for registration, including: National Small Industries Corporation,  Khadi and Village Industries Commission,  MSME-Development …

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‘MSME Prerana’ – Indian Bank’s mentoring programme for MSMEs.

A unique initiative, MSME Prerana is an online business mentoring programme for small business owners. A programme by the Indian Bank, a public sector bank, was launched by the Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman, at the bank’s headquarters in Chennai.  An integrated initiative with Poornatha & Co, MSME Prerana aims to …

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Facebook’s $4.3 million grant to support small businesses in India

Amidst the COVID-19 crisis, Facebook has been focusing on providing business tools for the survival of small businesses. According to the data released by OECD and the World Bank, in India, more than one-third of the small and medium-sized businesses on Facebook are facing cash-flow problems.  Facebook has a wide reach in India, almost every …

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GOI Launches 15 Challenges for Startups and MSMEs to Solve for a Grant of INR 50 Lakhs Each

In collaboration with the Indian Space Research Organisation (ISRO) & four other ministries, the government of India launched ARISE – Atal New India Challenges programme in order to support the small businesses and MSMEs. The step is in alignment with the vision of making India Aatmanirbhar and less dependent on the imports and products of …

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Under the Credit Guarantee Scheme, Loans to MSMEs are Diminishing

The government’s rescue scheme for Micro, Small and Medium Enterprises (MSME) amidst the COVID-19 crisis is not performing up to the expectations. Small businesses contribute around 25% to the Indian GDP, therefore working on their health is the government’s top priority. To cope with the aftermath effects of the pan-India lockdown on the MSMEs, the …

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MSMEs to shift towards digital payments for economic recovery

The COVID-19 pandemic brought along financial challenges for many economies and institutions. A major force behind driving the Indian economy, Micro, Small & Medium Enterprises (MSMEs) also faced a setback. During the lockdown, with working from home and minimized contact, the need for digital payments grew in India.  Digital payments were once an option for …

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Startups may have to contribute towards India’s Sustainability Goals

Businesses are to be made responsible entities. To make them more serious about their contribution to society, the ministry of corporate affairs (MCA) has presented a new system called Business Responsibility and Sustainability Report (BRSR). A move for corporates to report all non-financial disclosures under the same single source.  It is an improvised version of …

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Emergency Credit Line Guarantee Scheme(ECLGS) to cover individual entrepreneurs

The government has decided to extend the ECLGS scheme to include individual entrepreneurs. This is a move to cover the lag in the economic growth caused due to Pan-India lockdown and the COVID pandemic. Individual entrepreneurs head more than 6.3 crore Micro, Small and Medium Enterprises (MSMEs), and larger companies across India.  Under this scheme, …

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Insolvency resolution: Cheaper, faster and easier process on cards for MSMEs

Insolvency and Bankruptcy Board of India (IBBI) has proposed a new framework for micro, small and medium enterprise (MSME) insolvency resolution process, reducing the time limit to less than 180 days.  The plan aims to focus on making the procedure more cost-effective, quicker and easier allowing the debtors to continue running the business while allowing …

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Refrens.com Raises Investment From Paytm founder Vijay Shekhar Sharma, FirstCheque and Others For Its Freelancer Focused Business Platform

Funds will be used for expanding reach of the platform and adding Freelancer friendly financial services.  Bengaluru based startup, Refrens.com, has raised funding from a group of angel investors including Vijay Shekhar Sharma (founder of Paytm) and Anupam Mittal ( Founder of Shaadi.com). Launched in July 2019, Refrens.com offers a free invoicing, payments and expense …

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Corona Virus: 5 Stories To Understand The Impact On Business.

2000+. Yes, that is the latest number of deaths estimated world wide due to Wuhan Corona Virus. The biggest virus outbreak post SARS in 2003 (which incidentally also originated from China) has not only caused severe health related concerns but has also jolted businesses (or at-least the way they operate) in more than one way.  …

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