India: Rolling out of Goods and Services Tax presents opportunities

Policy India: Rolling out of Goods and Services Tax presents opportunities

01.08.2017Editor: Franziska Breunig

Ministry of Ministry of Micro, Small and Medium Enterprises (MSME) along with Federation of Indian Chambers of Commerce and Industry (FICCI) have recently organized a National Workshop on Goods and Service Tax (GST) and Digital MSME in Delhi.

GST will pave the way for a formal economy hence will give a fillip to growth and employment generation.
(Source: Depositphotos.com)

Ministry of Micro, Small and Medium Enterprises (MSME) along with Federation of Indian Chambers of Commerce and Industry (FICCI) have recently organized a National Workshop on GST and Digital MSME in Delhi. Speaking on the occasion Kalraj Mishra, Union Minister for MSME said that the Ministry of MSME is giving special focus to the development of MSMEs all over the country and to effectively implement different Schemes and Programmes. It has also directed the banks to accelerate the pace of solving the loan related problems of the entrepreneurs.

He also informed the gathering that by rolling out GST, cascading of taxes will be overcome and this will significantly reduce the tax burden. Furthermore, this will pave the way for a formal economy hence will give a fillip to growth and employment generation. Therefore, MSMEs should see this as an opportunity rather than a challenge.

Goods and Service Tax Training

The Minister also informed that the Ministry has taken up various efforts to popularize GST. Under office of Development Commissioner (MSME), GST cells have been established in Headquarter office, all MSME-DIs and Tool Rooms. National Small Industries Corporation (NSIC) has also set up a Facilitation Cell with a toll free number. Till now more than 12000 entrepreneurs have been trained for GST by various MSME field offices and training institutes.

He reiterated that that he himself has given information on GST at Guwahati and Agartala in North East. The Minister has directed all officials to use social media i.e. Facebook and Twitter to provide information, to publish notification and to answer questions related to GST.

Furthermore, more than 200 Additional Secretary/Joint Secretary level officers have been told to monitor the implementation of GST at district level. In this effort two Joint Secretaries of M/o MSME are involved.

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