Govt has taken steps to help MSMEs adapt to GST, says minister

MSME minister Giriraj Singh on Wednesday said the government has taken several measures for smooth implementation of Goods and Services […]

   

MSME minister Giriraj Singh on Wednesday said the government has taken several measures for smooth implementation of Goods and Services Tax (GST) for the sector. In a written reply to a question in Rajya Sabha, Giriraj Singh stated that majority of items produced by the MSME sector in the band of 28 per cent tax slab has now been brought to lower slabs. Further, he said, the Composition levy has been extended up to turnover worth Rs 1.5 crore and MSME units having turnover within this range need to file returns only quarterly. Under the Composition scheme, small taxpayers can get rid of GST formalities and pay GST at a fixed rate of turnover. Exemption to khadi fabric sold through Khadi and Village Industries Commission (KVIC) and KVIC certified institutions and outlets from GST is another positive step taken by the government, Singh mentioned. Similarly, the reverse charge mechanism under GST has been suspended till March 2018, said the minister.

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