MSMEs foresee a mix of opportunities and challenges under GST regime

MSME (Micro small and medium enterprises) share a major presence in the Indian economy with a contribution of 37.54% to its GDP. Also, it has been continuing to maintain a strong foothold in the market contributing to nation building. The role of MSME role is very crucial with regard to job creation, employment generation, increase in income of people and the overall economic growth. 

The Ministry of MSME with a total budget of Rs. 85.705Cr, including Government of India’s contribution of Rs. 58.105Cr during 2017- 18 to 2019-20 has decided to implement Digital MSME scheme for promotion of information communication technology in the MSME sector. Through this the government envisions to make MSME digital, and plan to promote ICT in MSME industry along with the implementation of the scheme. 

The GST regime holds an enormous opportunity for various sectors of the economy and is expected to herald a new era of indirect tax regime. By replacing various indirect taxes, GST is expected to be a key step in the field of indirect tax reform in India....Read More

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