Impact of GST on Micro, Small and Medium Enterprises (MSMEs)
Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. It’s true that GST means ‘Great Step towards Transformation’, ‘Great Step towards Transparency’ in India and it is also true that someone gives ‘birth’ while someone else ‘nurtures it’. It has been long pending problem to streamline all the specific types of oblique taxes and put into effect a “single taxation” system. Because the name indicates, the GST could be levied each on items and offerings. GST is a tax that needs to pay on supply of products & offerings. Any person, who is presenting or offering goods and services, is liable to fee GST. Now we are witnessing, how this tax reform reshapes our economy and business dynamics for Micro, Small and Medium Enterprises. Flourishing amidst a challenging environment, the Small and Medium Enterprises (SMEs) of India experienced several highs and lows in the past few years. With the Indian economy expected to emerge as one of the leading economies in the world and likely to become a $5 trillion economy by 2025, major impetus is being given to strengthen the back bone of our economy-the SME sector. This paper highlights to know the GST and MSMEs and Impact of GST and MSMEs.
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