Industry body FICCI on Monday welcomed the initiative taken by the GST council to specifically discuss the issues and concerns being faced by MSMEs.

"The decision of the GST council to set up a group of ministers comprising Finance Ministers of Bihar, Assam, Delhi, Punjab, and Kerala under the chairmanship of Minister of State for Finance Mr. Shiv Pratap Shukla will help in addressing the problems faced by the MSMEs," said FICCI President Rashesh Shah in a statement.

Shah added, "the emphasis of the GST council on the fitment committee providing solutions with regard to the rate changes required, along with the pilot project for providing cash back facility to promote digital Payments, are also steps that will benefit MSMEs".

The Micro, Small & Medium Enterprises (MSMEs) play a vital role in the economic and social development of the country, often acting as a nursery of entrepreneurship. They also play a key role in the development of the economy with their effective, efficient, flexible and innovative entrepreneurial spirit.

"FICCI is confident that the committee will address the issues and will help provide speedy solutions to the problems faced by the MSMEs," said Shah. 

In order to deliberate on issues facing micro, small and medium enterprises (MSMEs), the Goods and Services Tax (GST) Council last week formed a Group of Ministers (GoM) headed by Union Minister of State for Finance Shiv Pratap Shukla.