New Delhi, July 3 (KNN) With the implementation of the GST in the country and the increased compliance formalities, the Tax Consultancies and the Chartered Accountants (CAs) have increased their charges by 15 per cent for the Micro, Small and Medium Enterprises (MSMEs).

Taking to KNN, Rajesh Dubey, Partner at SME Business Outsourcing & Training Solutions LLP (SME BOT) explained the situation. He said that under the GST regime there have been increased compliance norms such as filing of three returns every month. These complications are not easy to handle and demands extra labour because of which the experts in the field have increased the fee.

He also informed that though there is a hike in the fee, but it is not fixed to a certain amount. There are chances of negotiations between the clients and the consultancies.

Commenting upon the impact of the increased fee upon the Micro, Small and Medium Enterprises (MSMEs) Dubey said that the MSMEs might find it difficult to adjust with the hike initially.  Also the increased fee might impact the price of commodities as the entire cost of compliance would now fall on the traders and businesses.

The tax consultancies have raised their fee for the big businesses as well. Under the GST, they will be charging up to 30 per cent more of what they used to charge earlier. While for the bigger businesses and traders this would be an easy thing to manage, small traders and businesses fear the fee hike.

At present there are about three lakh sales tax accounting practitioners and over 1.5 lakh CAs that assist the Micro, small and Medium Enterprises (MSMEs) with compliances and the taxation laws. (KNN/ DA)