A very important proposal for the MSME is that those who take services and goods from an MSME unit will not be able to claim expenditure on such purchases of goods or services unless they pay the MSME. This will result in your faster payments to MSME thus improving their cash flows and therefore survival. Another important proposal for the sector is the reduction in the number of compliances. As an example, the permanent account number of the Income Tax Department would be the unique identifier across all compliances for business and specific for the medium and small-scale industries. Digilockers will be promoted for the medium and small scale industry to store all important identification documents and documents stored in digital-lockers will be accepted as valid proof for various forms of applications and incentives.
