Impact of the Union Budget 2024 on Small and Medium Enterprises

At CA Vaibhav Chavan and Co., we are dedicated to helping Small and Medium Enterprises (SMEs) understand the Union Budget 2024. As a top chartered accountant in Pune, CA Vaibhav Chavan offers expert advice on how these new budget measures can benefit your business. Our firm, known for its expertise as a leading CA in Pune, provides tailored financial solutions to help you navigate these changes effectively. Key Budget Highlights for SMEs: 1. Enhanced Financing Support: The new budget includes a scheme offering guarantees up to Rs 100 crore for MSMEs in manufacturing to acquire machinery and equipment. This will make it easier for businesses to get larger loans for modernization and growth. Additionally, the Mudra loan limit for micro units has been increased from Rs 10 lakh to Rs 20 lakh. 2. Simplified Regulatory Processes: The budget aims to simplify regulatory procedures and reduce compliance burdens. While there were no specific GST amendments for MSMEs, broader reforms in customs duties are expected to facilitate trade. There are also hopes for GST exemptions for micro enterprises with a turnover up to Rs 100 lakh. 3. Job Creation Initiatives: The Employment Linked Incentive (ELI) program supports job creation in the manufacturing sector and aims to boost workforce participation, including increasing women’s involvement. 4. Digital Empowerment: The budget emphasizes improving digital literacy and infrastructure for MSMEs, especially in rural areas. The reduction of the turnover threshold for TReDS platform onboarding is expected to enhance access to working capital for more businesses. 5. Technological Advancements: A significant allocation of Rs 1 trillion for sectors like solar energy and green technologies includes initiatives like the “Pradhan Mantri Suryodaya Yojna,” which aims to install solar panels on one crore houses. Micro units involved in solar panel maintenance can benefit from this. How CA Vaibhav Chavan and Co. Can Help To make the most of these budget changes, consult CA Vaibhav Chavan and Co., your trusted chartered accountant in Pune. Contact us  for expert guidance and personalized financial strategies. As a leading CA in Pune, CA Vaibhav Chavan is here to support your business in leveraging the opportunities provided by the Union Budget 2024. For more information and tailored advice, visit our website CA Vaibhav Chavan and Co. today. Let us help you navigate the Union Budget 2024 and drive your business toward success. https://www.cavaibhavchavan.com/articles/impact-of-the-union-budget-2024-on-small-and-medium-enterprises/