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

"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.

Budget 2019: Big boost to women entrepreneurs; Piyush Goyal announces 3% tax benefit for women-owned MSMEs
Budget 2019: The government today also announced 2 per cent interest subvention for micro, small and medium enterprises (MSMEs) for loans up to Rs 1 crore. Image source: IANS
By ZeeBiz WebTeam
Updated: Fri, Feb 01, 2019
01:40 pm
New Delhi, ZeeBiz WebDesk
RELATED NEWS
Budget 2019 announcement: 2% interest subvention for MSMEs on loan up to Rs 1 cr Budget 2019 announcement: 2% interest subvention for MSMEs on loan up to Rs 1 cr
Budget 2019 expectations: Start-ups demand investor friendly budget from Narendra Modi, Arun Jaitley Budget 2019 expectations: Start-ups demand investor friendly budget from Narendra Modi, Arun Jaitley
MSME incentives will add strength to the sector, say PM Narendra Modi MSME incentives will add strength to the sector, say PM Narendra Modi
Do you want Rs 1 cr loan in just 59 minutes? This Modi scheme to ring in ache din; get the money this way Do you want Rs 1 cr loan in just 59 minutes? This Modi scheme to ring in ache din; get the money this way
Contactless banking to be the new paradigm: Fin Services Secretary Rajiv Kumar Contactless banking to be the new paradigm: Fin Services Secretary Rajiv Kumar

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.

Watch this Zee Business video

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