GST Reduces Tax Burden

GST Reduces Tax Burden

Union Minister for MSME at National Workshop on GST and Digital MSME today said that his Ministry is giving special focus to the development of this sector and effectively implement different schemes and programmes. It has also directed the banks to accelerate the pace of solving the loan related problems of the entrepreneurs.

The Minister said by rolling out GST, cascading of taxes will be overcome and this will significantly reduce the tax burden. Furthermore, this will pave the way for a formal economy hence will give a fillip to growth and employment generation. Therefore, MSMEs should see this as an opportunity rather than a challenge.

Mishra also informed that his ministry has taken up various efforts to popularize GST. Under office of Development Commissioner (MSME), GST cells have been set up and till now more than 12000 entrepreneurs have been trained for this new tax system.

He informed that Digital MSME Scheme has been launched to sensitize and encourage MSMEs towards new approach i.e., Cloud computing for ICT adoption in their production and business processes with a view to improve their competitiveness in National and International Market.

Speaking at the workshop for MSME, minister of state Shri Giriraj Singh said that by rolling out GST, the centre has opened new opportunities for the hitherto unorganized rural entrepreneurs predominantly in the micro and small segment.

– Apparel and Textile News, Apparel Talk, Indian Apparel