Changing rules of business post GST worry MSMEs

Concerns over new tax, accounting norms overshadow those about stricter compliance, higher costs

Subhayan Chakraborty  |  New Delhi 

Most MSMEs are worried over the govt's decision to reduce tax exemption limit from Rs 1.5 crore to Rs 20 lakh, and to phase out CENVAT credit from September Micro, small and medium enterprises (MSME) are trying to assess the full extent of the goods and services tax (GST) regime over their businesses, as some crucial rules of operation are still unclear. Though the government has unveiled GST rates of a significant number of items, a majority of companies in the sector are worried about the new accounting and taxation norms that have been opposed by industry and are being ...

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Read our full coverage on GST

Changing rules of business post GST worry MSMEs

Concerns over new tax, accounting norms overshadow those about stricter compliance, higher costs

Micro, Small and Medium enterprises (MSME) are still trying to assess the full extent of the Goods and Services Tax (GST) regime over the general conducting of their businesses with crucial rules of operation still unclear.Although the government has unveiled GST rates of a significant number of items, majority of companies in the sector are more worried over new accounting and taxation norms that have been opposed by industry and are currently undergoing talks.These include the governments decision to reduce the tax exemption limit for Small Scale Industry units from Rs. 1.5 crore to Rs. 20 lakhs as well as to phase out Central VAT credit from September onwards."We are is in talks with the government on a number of these rules which need to be finalized soon, especially since compliance norms are getting much stricter and the majority of the sector is entering the taxation fold for the first time", Om Prakash Mittal, National President of industry body Laghu Udyog Bharti ... Most MSMEs are worried over the govt's decision to reduce tax exemption limit from Rs 1.5 crore to Rs 20 lakh, and to phase out CENVAT credit from September Micro, small and medium enterprises (MSME) are trying to assess the full extent of the goods and services tax (GST) regime over their businesses, as some crucial rules of operation are still unclear. Though the government has unveiled GST rates of a significant number of items, a majority of companies in the sector are worried about the new accounting and taxation norms that have been opposed by industry and are being ... image
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