Will the GST threaten the survival of MSMEs?
Goods and Services Tax (GST) will be a landmark change in the Indian tax structure after Independence. It is expected that it will simplify and harmonise the indirect tax regime in the country as it will do away with the multiplicity of taxes at the State and Central levels which has resulted in a complex indirect tax structure. Though MSMEs welcome and are looking forward to its roll-out, the GST regime has both positive and negative implications.
Under GST, credit will be available all along the chain; presently, it is available only in excise. MSMEs generally tend to operate in the same State; or else, they will have to comply with not only tax requirements in that State, but also that of the other States—CST and then tax deposit. The burden of filling multiple forms will add to their burden.
MSMEs will now be able to reach out to the whole country in the sense that they will find it as easy or difficult to sell their products across the States as in the State they operate from. There will not be much difference in compliance; only IGST component will be added wherein MSMEs will be able to sell their products seamlessly and also avail themselves of credit. This ‘one nation, one market’ approach will ease the restrictions vis-à-vis operations and the tax quantum will also be almost the same. GST will therefore foster a seamless Indian market due to seamless transfer of input tax credit from one stage to another in the chain of value addition.
هذه القصة مأخوذة من طبعة July 2017 من Indian Management.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة July 2017 من Indian Management.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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