Tax relief for traders-small business expected as PM Modi hints towards new measures

New Delhi, Nov 6 (KNN) Ahead of the Goods and Services tax (GST) Council’s meeting scheduled for November 9^th and November 10^th, Prime Minister Narendra Modi hinted towards introducing certain measures for traders as well as small businesses under the new taxation.

The Prime Minister said that the council might seek consensus at the upcoming GST council meeting following which the government might consider taking the necessary steps to help the traders and small business community that have been burdened under the One Nation One Tax regime of the government.

The move comes as a follow up of the meeting held earlier between a Group of Ministers (GoM) and different industry bodies including the Federation of Indian Micro and Small & Medium Enterprises (FISME) taking forward the different concerns of the Micro, Small and Medium Enterprises with the constituted body of ministers.

During the meeting, various concerns were raised including structural barriers like problem of invoice matching for input tax credits.

FISME also requested the GoM to advise waiving of conditions like C forms for transition credit, upfront GST on Advances etc.

The Group of Minister recognized the problems MSMEs are facing and assure necessary recommendations to the GST Council.

GST Council the apex body for policy decision will be meeting later this week to look into the concerns of various sectors under the new tax regime. (KNN/DA)