January 11, 2019
Big Relief for Micro Enterprises in 32 GST Council Meet : PHD Chamber
The decisions taken by the GST Council in its 32nd Meeting held recently are highly appreciable as they reiterate the government’s efforts in continuously reforming the GST framework, said Mr Rajeev Talwar, President, PHD Chamber of Commerce and Industry, in a press statement issued here today.
“GST is a major respite to the MSMEs in terms of improvement in the ease of doing business for the MSMEs as the tedious compliance processes earlier are becoming simpler and easier to adopt”, added Mr D K Agarwal who is the Senior Vice President, PHD Chamber.
According to our recent interactions with industry stakeholders especially the MSMEs, the transaction costs of the inter-state movement of goods have been declined to 1-2% of the turnover as compared with 6-7% of the turnover earlier before the implementation of GST, pointed out Mr. Sanjay Agarwal, Vice President, PHD Chamber.
However, Chair, MSMEs Committee, PHD Chamber, Mr. Vishwanath emphasised that the increase in turnover limit for availing Composition Scheme for Goods from Rs. 1 crore to Rs. 1.5 crores and increase in threshold limit for supplier of goods from Rs. 20 lakhs to Rs. 40 lakhs would benefit the small buinesses which are the backbone of the economy.
These measures will further facilitate ease of doing business in the economy which will spur manufacturing growth in the coming times, stressed Dr Mahesh Y Reddy, Secretary General, PHD Chamber, pointing out that the composition scheme for services which will bring in Service Providers as well as Suppliers of Goods and Services in its gamut is highly appreciable as it will integrate the suppliers with manufacturers.
Going ahead, with the continuous reforms in GST, we are sanguine that the MSMEs and industry would contribute significantly to economic growth trajectory, concluded the President of the PHD Chamber.
Koteshwar Prasad Dobhal