A brief guide to GST for MSMEs

A brief guide to GST for MSMEs

The Guide is compiled by Federation of Indian Micro and Small & Medium Enterprises (FISME) to spread awareness among Micro, Small & Medium Enterprises (MSMEs) in India about Goods and Services Tax (GST). The Guide attempts to explain the GST- its concept and processes in simple Q&A format without burdening the reader with legal jargon. The Guide aims to allay fears about GST among the MSME community about compliance burden, excessive formalities, and complexities of operations. So, a brief guide to GST for MSMEs is here for all the MSMEs.

Goods and Services Tax (GST), a major disruptive measure for the Indian economy, is expected to bring a paradigm shift in doing business in India.

This pioneering indirect tax reform is likely to give a major boost to all the sectors including MSMEs. By making goods and services produced in India competitive in the national and international market. It will simplify indirect taxation, reduce complexities, and remove the cascading effect.

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GST regime will introduce ‘digitalization’ to the core of Indian business. Where every transaction, will be captured on the national platform of GST Network. The resulting pay-offs to the economy by way of speed, transparency and information reliability will be significant. However, the good understanding of non-complexities and trouble-free implementation of GST by the businesses. Particularly MSMEs would be a key factor to manage the transition smoothly.

Foreseeing the challenges the MSMEs may face in the GST regime, SIDBI, supported Federation of Indian Micro and Small & Medium Enterprises (FISME) to conduct a countrywide programme to disseminate information on GST for benefit of MSMEs. Under the programme, brainstorming sessions have been conducted all over India where MSMEs interacted with experts on taxation. It emerged during these interactions that a user-friendly Handbook on GST. It will be helpful to MSMEs for solutions of the day-to-day issues pertaining to GST. This handbook aims to help readers understand GST basics, important terminologies, concepts. Also, how these may affect MSMEs business in the long run.