MSME Minister Nitin Gadkari Nitin Gadkari on Monday said that the Government has modified the guidelines of ‘Interest Subvention Scheme for Incremental Credit to MSMEs 2018’ on 13th December, 2019.

In the modified guidelines, requirement of Udyog Aadhar Number (UAN) has been dispensed with for units registered for Goods and Service Tax (GST), Gadkari said in written reply to a question in 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 categorised as MSME by the concerned bank.

In another reply to the House, the minister said the Small and Medium sector companies now get the benefit of the new return model under GST which ensures quarterly filing of returns for those taxpayers whose annual aggregate turnover in the preceding Financial year does not exceed Rs.5 crore.

Department of Revenue have informed that there is no such proposal at this stage.

Quarterly payment of GST is available to those MSMEs who opt for composition levy under section 10 of CGST Act, 2017, he added.