How GST Reforms Are Simplifying Business for MSMEs
MSME sector accounts for 30.1% of India’s GDP, 35.4% of manufacturing and 45.73% of exports in the country as on July 20251. As on July 16, 2024, total employment reported by the MSMEs on the Udyam Registration Portal (since July 1, 2020 to July 16, 2024) is 203.9 million2 (including informal micro enterprises registered on Udyam Assist Platform). Their growth is critical to India’s ambition of becoming a $5 trillion economy. Goods and Services Tax (GST) 1.0 regime often posed challenges for small businesses especially from complex procedures and inverted duty structures. Recognizing this, the government has introduced a series of GST reforms to simplify operations thereby reduce compliance burdens, and encourage growth for MSMEs.
https://www.phdcci.in/blog/how-gst-reforms-are-simplifying-business-for-msmes/
Comments
Post a Comment