Since its inception, the Stand Up India Scheme has extended 1,11,619 loans totaling Rs. 24,985.27 crore.
The Stand Up India Scheme aims to make loans from Scheduled Commercial Banks (SCBs) of between Rs. 10 lakh and Rs. 1 crore available to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and one woman borrower per bank branch for the purpose of starting a greenfield manufacturing, services, or trading company. Since its inception on 02.03.2021, the Scheme has extended a total of 1,11,619 loans worth Rs. 24,985.27 crore.
According to an announcement made in the Finance Minister’s Budget Speech for FY 2021-22, the margin money threshold for loans under this scheme has been reduced from “upto 25%” to “upto 15%,” and activities related to agriculture have been added to the scheme, according to the Minister.
The government has taken a number of measures to ensure that the Scheme is implemented effectively. These include, among other things, the ability for prospective borrowers to submit online applications via an online portal (www.standupmitra.in), handholding support, an extensive marketing campaign, a streamlined loan application form, the Credit Guarantee Scheme, and a campaign for a specific target group through a weekly schedule, etc.
The Madras High Court has allowed the benefit of TDS credit under the GST regime
The Madras High Court has approved the transfer of input credit arising from tax deducted at source under the value-added tax system into the GST regime, which would support small and medium businesses. Unused credits will also be used to offset a taxpayer’s output tax liability. The Tamil Nadu goods and services tax department’s decision to refuse the transfer of VAT TDS credit into the new indirect tax regime was challenged by more than 23 petitioners, including those in the construction industry.
GST helps a taxpayer to transition credit earned under the VAT system, according to a bench led by Justice Anita Sumanth. Since any amount of tax received or deducted at source is recorded in returns filed under the VAT rule, the court has decided that all such sums will be included for transition purposes into the new regime. The decision would be particularly beneficial to taxpayers who provide job contract services. Only those taxpayers who filed the electronic form TRAN-1 within the deadline are eligible for the benefit.