MSME ministry: No information on whether GST badly affected MSMEs
Even as MSMEs have been critical of the government’s Goods and Services (GST) tax on multiple occasions since its launch in 2017, the MSME ministry said it hasn’t come across any information related to the negative impact of the tax system. “No such information has been received by this ministry,” minister of state for MSMEs Bhanu Pratap Singh Verma informed the Lok Sabha on Thursday in a written reply to a question about whether the MSME sector has been affected badly due to GST.
Verma, however, shared “numerous measures in respect of GST” taken by the government to encourage MSMEs such as first, no requirement of GSTIN on the Udyam Registration Portal up to the ceiling of Rs 40 lakh turnover; second, no registration required for the inter-state and intra-state supply of services up to Rs 20 lakhs in a year; third, no registration required for the intra-state supply of goods up to Rs 40 lakh in a year, etc.
