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SIDBI-FISME launches ‘360 degree’ GST support system for MSMEs

Updated: Jul 07, 2017 11:53:40am
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SIDBI-FISME launches ‘360 degree’ GST support system for MSMEs

Lucknow, July 7 (KNN) In a bid to address the concerns of the Micro, Small and Medium Enterprises (MSMEs) relating to the newly implemented Goods and Services Tax (GST) in the country, Small Industries Development Bank of India (SIDB) along with the Federation of Indian Micro and Small & Medium Enterprises (FISME) launched a 360 degree support system for the MSMEs at an event here.

Launching the initiative SN Tripathi, Additional Secretary and DCMSME, Government of India said that the initiative is an important step towards enabling smooth transition of the MSMEs into the GST.

As a part of the 360 degree support system,  a GST handbook was released. Also a GST helpline and an informative web portal were launched. Tripathi launched the GST helpline 1800 11 3585, a FISME - SIDBI initiative, with a query call.

Dinesh Chandra Tripathi, President, FISME, mentioned that the GST is a transformative business process reform and it will impact both the structure and the dynamics of doing business in India substantially.

Manoj Mittal, Deputy MD of SIDBI informed that it has been one week since the implementation of the GST, yet many MSMEs are yet to understand the new taxation policy. The GST support system by SIDBI-FISME will help create an informative GST ecosystem.

Highlighting the uniqueness of the initiative, Anil Bhardwaj, Secretary General of FISME said that the handbook addresses the actual queries of MSMEs relating to the 'One Nation One Tax' policy of the government.

Immediate Past president of the Indian Industries Association (IIA) Manish Goel in the welcome remarks spoke of the challenges that the MSME sector is facing in adapting to the change in tax regime and the need to address these concerns.

Also Government officials and representatives from SIDBI, FISME and other industry associations were present at the event. (KNN/ DA)

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