New Delhi, Aug 17 (KNN) In a bid to gather insights of the Micro, Small and Medium Enterprises (MSMEs) with regard to the Goods and Services tax (GST), a study revealed that majority of the MSMEs do not have the necessary software and IT infrastructure required for filing returns under the GST, also a fair share of the MSMEs lack understanding of the basics in the new tax regime.  

According to the study conducted by Tally Solutions and SME Street, of the total population of 750 businesses for the study, over 66 per cent respondents have not adopted software for GST yet.

Testing the information on fundamentals of GST, the study asked its respondents of the concept ‘invoice matching’, over 72 per cent of the respondents said that they haven’t heard of the term.

Inspecting the reasons for the backwardness into the One Nation One tax policy, the study observed that the prime reason is the lack of awareness among the MSMEs.

The main purpose of the study was to gather insights on the nature of preparedness among the Micro, Small and Medium Enterprises that dominate the industrial sector in the country. Responding to the results, Tally announced solution programs and GST awareness blog on its dedicated website.

Also the firm had earlier launched GST-ready software to assist the businesses with the billing procedures.

Also different MSME bodies including FISME, IIA etc. are running awareness programs for the MSMEs to help the sector with the transition into the new tax regime. (KNN/ DA)