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Last updated: 23 Jun, 2017  

CII Logo THMB After note ban now SMEs get scared of GST

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Saurabh Gupta | 23 Jun, 2017
Micro, Small and Medium Enterprises (MSMEs), which have not even fully recovered from the impact of demonetisation, are now worried about the impact of the implementation of Goods and Services Tax (GST).

"Irrespective of the bright side of upcoming GST, most MSMEs having mindful of its accompanying challenges such as increase in compliance costs, input-credit and alignment of IT systems with new processes. Thus, for the SMEs, GST throws a mix bag of opportunities and challenges to explore," finds SME Times during the interactions with small and medium entrepreneurs at the 'CII UP MSME Summit: Breaking Barriers to Excellence' held in Noida on Thursday.

"The biggest issue before MSMEs is 'How GST will work?'," Chairman, CII National SME Council and Chairman & MD of Somany Ceramics, Shreekant Somany told SME Times on the sidelines of the event.

While speaking about the impact of GST on MSMEs, he said, "It is something that you (SMEs) will have to contend with. Its going to be a pain for a couple of years because you still will have to deal with lot of things that you do not understand, but at the end of the day when you have a transparent India, as for as commerce is concerned, nothing could be better."

"Today, just imagine what is happening from UP you take your product to Delhi or from Delhi, there is form 32, there is a form this, there is a form that what are the kinds of impediments that you are getting through just to get your work done. After GST, the logistics will become better because it will be sail through, the borders will be transparent, the costing will be transparent and at the end of day the taxation will be transparent," said Somany.

"Any thing new that you do, comes with certain pain and you have to bear that pain for some time but then when look at the larger picture that is different. And the larger picture of GST is very much beneficial for industry and commerce," he added

At present, the structure of indirect taxes in India is very complex as there are many types of taxes levied by the Central as well as State Governments of India on goods and services. Some examples are - Entertainment Tax on movies, Value Added Tax (VAT) on products and services, Excise Duties, Luxury Tax, Import Duties, Service Tax, Central Sales Tax, and so on.

The conference aims to focus on areas covering; strengthening credit access for MSME; adoption of latest technology and digitization in business, improving business verticals, GST: Challenges and Implementation and MSME policies etc., informed Anuj Khanna, Vice Chairman - CII Western UP Zonal Council and Managing Director C&S Electric Ltd.

Prospering in a challenging environment, MSMEs have had a testing time in the past few years. With the Indian economy expected to emerge as a USD 5 trillion behemoth by the next 10 years, there needs to be major emphasis given to what is the backbone of the economy - the MSME sector, said CII.

MSME sector being one of the major contributors towards the manufacturing outlay, employment and exports, has great potential in terms of technology upgradation and validation through the most recent, contemporary and cost effective technologies and systems in manufacturing, operations and delivery and with the appropriate resources and backing, the MSME's have the ability to become a force to reckon with.
 
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GST Rates
A. S. Beverage | Tue Jul 4 15:21:49 2017
Which website we can find out the complete list of items with GST Rate? We are the manufacturer of "Packaged Drinking Water" but we didn't find out any list, where it's mentioned. What will also be the GST Rate of our Raw Materials, like plastic bottles & Cartoon Boxes etc.


Medical Devices tax is exhorbitant
Sibi | Wed Jun 28 08:24:08 2017
We are SME manufacturing and selling Medical Devices. The tax per existing system is VAT 5% and that is it. Now GST is supposed to be 12%. This is plain injustice to increase the tax by such a big slab. Already after demonetization the sales have drastically reduced. With GST the future looks very bleak.


 
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