CA NARESH KUMAR SANKHLA

 Mudra Loan Limit Increased to Rs 20 Lakh Following Budget Announcement. As announced in the July 2024-25 Union Budget, the Mudra loan limit under the Pradhan Mantri Mudra Yojana (PMMY) has been increased from Rs 10 lakh to Rs 20 lakh. This enhancement particularly benefits aspiring entrepreneurs, aiding their growth and expansion. The government stated that the move aligns with its commitment to fostering a strong entrepreneurial ecosystem. The notification introduces a new Tarun Plus category for loans between Rs 10 lakh and Rs 20 lakh, available to entrepreneurs who have successfully repaid previous loans under the Tarun category. The Credit Guarantee Fund for Micro Units (CGFMU) will provide guarantee coverage for loans up to Rs 20 lakh under the Pradhan Mantri Mudra Yojana (PMMY). Loans under the Pradhan Mantri MUDRA Yojana (PMMY) are designed to support both term loans and working capital for income-generating activities in manufacturing, trading, and service sectors, as well...

RCM for Commercial Property Rentals: A New Provision in GST Understanding the Implications of Notification No. 09/2024 The Indian government has introduced a significant change to the Goods and Services Tax (GST) regime with the issuance of Notification No. 09/2024. This notification mandates the implementation of Reverse Charge Mechanism (RCM) for the renting of commercial property by any unregistered person to a registered person. What is Reverse Charge Mechanism (RCM)? RCM is a mechanism under GST where the recipient of the supply is liable to pay the tax instead of the supplier. In the context of commercial property rentals, it means that the registered person renting the property will be responsible for paying the GST on the rental amount. Key Points of the Notification  * Effective Date: The RCM for commercial property rentals will come into force on October 10, 2024.  * Scope: The notification applies to all cases where an unregistered person (such as an individual or a...