Decisions taken by GST Council for MSMEs will prove to be very effective for SMEs of J&K: BBIA

New Delhi, Mar 9 (KNN) The decisions taken by the Goods and Services Tax (GST) Council for Micro, Small and Medium Enterprises (MSMEs) will prove to very effective and positive for Small and Medium Enterprises (SMEs) especially in Jammu and Kashmir, said a MSME association in Jammu.

GST Council has notified earlier this month that the decisions it took for the MSMEs at its 32nd meet in January to be effective from 1st April.

The council had announced number benefits to the MSME sector including a hike in the turnover threshold and approval of 6% composition scheme for the services sector with a threshold limit of Rs 50 lakh.

President of Bari Brahmana Industries Association (BBIA), Lalit Mahajan said, “It is a good step on behalf of the government. The move regarding threshold will help in increasing the amount of revenue collection as well.”

He added while praising the government that the SMEs of Jammu and Kashmir welcomes the step and hope that it will work systematically. (KNN/JM)