Budget 2019: Big boost to women entrepreneurs; Piyush Goyal announces 3% tax benefit for women-owned MSMEs

Budget 2019: Union Finance Minister Piyush Goyal today also showered tax benefit to Micro Small and Medium Enterprises (MSMEs) owned by women entrepreneurs, indicating that the Modi government is determined to extend constant support to such initiatives. Lauding the government move, Shilpi Agarwal, Partner, TASS Advisors said, "3% tax benefit on women-owned MSMEs which indicates strong movement towards women empowerment."

The government today also announced 2 per cent interest subvention for micro, small and medium enterprises (MSMEs) for loans up to Rs 1 crore.

"The government has taken many steps to support the MSME sector that provides jobs to crores of people in the country. We recently announced a facility to avail Rs 1 crore loan within 59 minutes," Piyush Goyal said, while presenting the Interim Budget for 2019-20.

"All MSME units registered with the Goods and Services Tax (GST) will now have 2 per cent interest subvention for loans up to Rs 1 crore," he said, adding that the government had also increased the share of government procurements from MSMEs through Government eMarketplace (GeM) to 25 per cent, including 3 per cent from MSMEs run by women.

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Till date, GeM has registered transactions of more than Rs 17,500 crore which has led to savings of 25-28 per cent.