Govt proactive to smoothen GST for MSMEs: Giriraj Singh

New Delhi, Dec 21 (KNN) Batting for a proactive stance of the government, the Minister of State for Micro, Small and Medium Enterprises (MSMEs) Giriraj Singh said that the government has been quick in resolving GST related concerns of the MSMEs.

Giriraj Singh in a written reply to a question in Rajya Sabha said that the government has taken several proactive measures for smooth implementation of the Goods and Services Tax for the MSMEs.

Listing the initiatives taken by the Ministry, Singh said that the government decided to provided exemption to Khadi fabric sold through KVIC and KVIC certified institutions and outlets.

The Minister further informed that majority of the items that are produced by the MSMEs are brought into the lower slab of 28 per cent.

With regard to the procedural aspect of the new taxation, Composition levy was extended up to turnover worth Rs. 150 lakh per annum, Giriraj Singh said.

Also as a measure to help the MSMEs, quarterly return system was introduced for MSME units that have turnover of Rs. 150 lakh per annum or less.

Reverse Charge Mechanism kept in abeyance till March 2018, Singh informed. (With PIB Inputs) (KNN/DA)