NARENDRA MODI’S 59-MINUTE SCHEME FOR MSMEs: PSBS SANCTIONS 2.23 LAKH APPLICATIONS AND SO FAR, 93% IS DISBURSED
Under the 59-minute scheme, to apply for a loan the MSMEs have to share the GST identification number, IT returns, six-month bank statements, and owner’s details. And based on existing credit facilities, repayment capacity, and revenue; the eligibility for raising credit through the portal would depend.
In November 2018, the Prime Minister of India, Narendra Modi launched the 59-minute loan approval scheme, under which the public sector banks (PBS) have sanctioned 2,23,501 loans to the MSMEs.
The MSME Ministry has released the latest data, according to which as of February 1, 2021, sanctioned loans over 2.23 lakh involving Rs 72,502 crore, 93.6%. Loans up to 2,09,326 amounting to Rs 59,548 crore have been disbursed. As of November; 30, 20202,03,120 loans involving Rs 56,773 crores were disbursed and as of August 31, 2020; 196,473 loans involving Rs 54,545 crores were disbursed.
The 59-minute scheme was launched to empower the in-principal bank approval to the working capital, for MSME businesses from Rs. 1 lakh to Rs. 1 crore at an interest rate of 8.5% onwards. In July 2019, the credit limit was increased to Rs. 5 Crore by Andhra Bank, Corporation Bank, Oriental Bank of Commerce, State Bank of India, and Union Bank of India.
To check borrower’s eligibility, the government’s Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) is integrated with this platform. Through other government schemes, MSMEs which had raised loans can still apply for the loan under the 59-minute loan approval scheme. On the MSME Dashboard portal, the latest data has been updated by the Ministry.
THE NEW ANNUITY SCHEME FOR SBI CUSTOMERS
To secure future investments one should always invest in the right place. The new annuity scheme of SBI is a good option that should be considered for investing in.
For a period of 36,60,84 or 120 months, the investment can be done under this scheme. The rate of interest will be the same on that investment which is for the term deposit of the chosen period. This scheme is an advantage for everyone.
In the annuity scheme of SBI, a minimum amount of Rs. 1000 can be deposited by the customers every month. For maximum investment, there is no limit in this scheme. After a fixed time in the annuity payment, the interest on the amount deposited by the customer would start.
These schemes can work in the future but they cannot be considered the right one for middle-class families as they cannot raise so much money in one-go as they do not have lump sums and most of them invest in a recurring deposit (RD) to secure their future. Through small savings in the RD, the amount is collected and later interest is applied on it, especially it is done when the amount is being returned to the investor. This is one of the reasons why the recurring deposit is very popular among the public.
CANCELLATION FOR ANOMALIES IN GSTR 3B AND SOP ON GST REGISTRATION
The GST Officers are eligible to suspend a GST Registration with immediate effect if significant anomalies are found by them in the GSTR 3B Returns. As of Notification No. 94/2020, this amendment is mentioned in Rule 21A of GST Rules, 2017. CBIC has issued a detailed SOP (Standard Operating Procedure) on it on February 11, 2021.
The Judicial Officer has the right to suspend a GST registration if ‘Significant Anomalies’ are found by them and if it is between the values of: –
- The information declared by the assessee on GSTR3B Turnover Values vs GSTR1 Turnover Values.
- The assessee’s GSTR3B ITC Value vs GSTR1 Value filed by his suppliers.
The suspension will be issued for 30 days and within 30 days from the date of the notice, to the Jurisdictional officer, the Assessee can submit his reply with clarifications/justifications.
The suspension of GST registration can be revoked if the Jurisdictional officer is satisfied with the Assessee’s reply. And within the prescribed time limit if the assessee has not submitted his reply or if the Jurisdiction Officer is not satisfied with the reply then the officer can proceed for Cancellation of the GST Registration.
Through the system the notice to the Assessee will be generated; in FORM GST REGN – 31 and this Form will be generated and communicated on the online platform. As an alternative on the GST portal, the Jurisdiction officer can issue a Notice in FORM GST REG – 17. This notice can be selected from the “View/Notice and Order” tab post login.
Through Form GST REG – 18, the assessee can file a notice as a reply against FORM GST REG – 17 in the same portal within 30 days.