Union Budget 2024

Article

Industry impact: Manufacturing and industrial products

  • Set as priority 4 of the budget
  • Promotion of MSMEs in manufacturing
  1. Credit guarantee scheme for MSMEs in the manufacturing sector and credit support to MSMEs during stress period
  2. Reduction in turnover threshold of buyers for mandatory onboarding on the TReDS platform from INR 5 billion to INR 2.5 billion
  3. New assessment model for MSME credit    
  • Incentive for additional employment under different schemes linked to the employment of first-time employees, directly to the employee and the employer with respect to their EPFO contribution in the first four years of employment.
  • The benefit of lower tax rate of 15 percent which was available for new manufacturing entities commencing production on or before 31 March 2024 is not extended.
Did you find this useful?