#ICICI Bank Launches Overdraft Facility for MSMEs Based on GST Returns
ICICI Bank announced the facility known as ‘GST Business Loan’ on Monday and said it would be available to any such business, including non-customers of the bank.
Micro, small and medium enterprises will now be able to get quick overdraft of up to Rs 1 crore for working capital requirements, based on their goods and services tax (GST) returns.
The overdraft amount could range between Rs 10 lakh and Rs 1 crore and would be up to 20 per cent of the turnover reported in the GST return. To avail of the facility, MSMEs can give residential, commercial or industrial property as collateral security.
To know more at :-https://dptaxexperts.com/gst-registration.html