Latest MSME News Updates

01-12-2017

 With the Goods and Services Tax (GST) entering its sixth month since implementation, while on one hands things are beginning to settle, certain complications including the refunds continue to haunt the Micro, Small and Medium Enterprises (MSMEs) sector in the country, Indian Industries Association informed.


Talking to KNN, Sunil Vaish President of Indian Industries Association (IIA) said that GST council has always been very receptive to the demands of small scale industry.


He said that the increase in  threshold limit under the composition scheme has reduce the woes of the small scale industries, B2Cs and traders and reduction of highest 28 percent rate on most of the things has relieved the industry.


With regard to the problems that still persist which needs to be addressed Vaish said that Government has set flat GST rate of 5 per cent without input tax credit for  the railway parts suppliers but they had to face GST  rate of 18 percent on most of their raw materials which has eaten up their working capital


With regard to the upcoming norm of  eWay bill, Vaish said that some of the provisions in the e-way bill are also flawed which will have negative impact on small scale transporters.


Vaish informed that the refund of exporters has been stuck from July with interest piled up which has led to the shortage of working capital. Government should resolve the issue of refund as soon as possible.


Also the input and output tax anomalies especially in railways sector must be sorted out at the earliest.


The government must also fulfil its promise of providing GST practitioners who could file GST returns at nominal prices as the business are unable to file the returns correctly, the president added.


 


Click at: http://knnindia.co.in/news/newsdetails/msme/refunds-under-goods-and-services-tax-continue-to-be-a-bottleneck-for-msmes-iia

 
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