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GST to benefit SMEs sector most: Experts

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New Delhi | Thursday, Aug 4 2016 IST
If the remaining works are completed in the current fiscal, the Goods and Services Tax (GST) would become a reality and it will be implemented from April 1, 2016. It's a big step toward reforms in the indirect tax system since Independence. It is being believed that the Small Medium Enterprises (SMEs) sector will be the most beneficial sector with GST's roll out as it would done away with bureaucracy and existing layered tax structure. Commenting on the development, Empowered Committee of State Finance Ministers Amit Mitra said, "SMEs will benefit the most from the single tax system. To make life easier, dual control of the centre and states has been done away with for entities with an annual turnover below Rs 1.5 crore." Kunal Singhal, Managing Director, Eazy Business Solutions and also a SMEs expert said, "GST will be beneficial as it will reduce the multiple taxes one tax structure and bring uniformity across the industries." However, Mr Singhal also raised apprehension about the complications in the system. "With its benefits, it also brings a lot of complications. The Input for GST can be claimed only if the sellers have posted the details in their return. The complete invoice wise data needs to be uploaded. What will happen to the old stocks and contracts?" he questioned. Anil Bhardwaj, General Secretary, Federation of Indian Micro and Small & Medium Enterprises (FISME) said, "FISME wholeheartedly welcomes the passage of GST amendment bill and views it as the most profound reform since independence. For the first time, India is set to become a unified market." "When such a comprehensive shift takes place, some initial teething troubles could be encountered and we need to be prepared to deal with them," he added. Mr Bhardwaj further said, "We find the outreach programme outlined by the Ministry of Finance quite substantive. We would be happy to join hands with the Ministry to assist MSMEs make a smooth transition to the new regime." UNI ASH SHK 1733

-- (UNI) -- C-1-1-DL0388-871239.Xml

 
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