Budget 2023 – Key Highlights for Pro Micro, Small, and Medium Enterprises (MSME)

What are the new credit guarantee schemes for MSMEs under Budget 2023 The MSME budget 2023 has introduced The revamped credit guarantee scheme which will bring in ₹9000 crores in the corpus, which will allow business owners to take collateral-free guaranteed credit of ₹2 Lakh crore.  The MSME union budget 2023 has also reduced the cost of credit for MSMEs by 1%. Change in Tax Deduction Calculations Micro, small and medium enterprises will be finding the 2023 union budget very helpful in their business as the budget also proposed to allow a deduction to clients for expenditure incurred on payments only on an actual and not accrual basis. Meaning to reap tax deduction benefits, clients of MSMEs will have to [...]