Union Minister of Micro Small and Medium Enterprises (MSMEs) Nitin Gadkari has said that MSMEs registered with Goods and Services Tax (GST) won’t require Udyog Aadhar Number (UAN) for availing the Interest Subvention Scheme.
”Government has modified the guidelines of ‘Interest Subvention Scheme for Incremental Credit to MSMEs 2018’ on December, 13th 2019. In the modified guidelines, requirement of Udyog Aadhar Number (UAN) has been dispensed with for units registered for Goods and Service Tax (GST),” MSME Minister Nitin Gadkari informed Rajya Sabha.
”However, in the case of units which are not registered under GSTN, may either submit Income Tax Permanent Account Number (PAN) or their loan account should be categorized as MSME by the concerned bank,” he added.
The Scheme aims at encouraging both manufacturing and service enterprises to increase productivity and provides incentives to MSMEs for onboarding on GST platform which helps in formalization of economy, while reducing the cost of credit.