New Delhi, July 13 (KNN) The newly implemented Goods and Services Tax (GST) is in the best interest of the MSMEs and it will fillip growth of the sector in due time, Union Minister for Micro, Small and Medium Enterprises (MSME) Kalraj Mishra said during the National Workshop on GST Readiness and Digital MSME earlier today.

Speaking at the event, the Union Minister informed that the indication of the coming of GST itself was the biggest good news for the MSMEs, and now since its finally implemented it will start to boost the sector.

Highlighting on the new taxation policy, he said that the GST significantly reduces the tax burden for the MSMEs as over 17 different types of taxes that used to exist across different states in the country have now been unified to One Nation One Tax policy of the government.

Commenting upon the cascading effect that used to exist in the previous tax regime, Mishra said that with the elimination of the effect, the MSMEs now have a better environment to operate in.

The Minister further said that the Indian MSMEs now have a better opportunity to compete in the global market.

Commenting upon the logistics aspect, Mishra said that the movement of goods and services is yet another concern that the GST smoothens up, thus enabling the MSMEs to perform businsses without any hurdles with an expanded market not just limited to one or two states but to the entire country.

Mishra also stressed that with the coming of GST, entrepreneurs feel encouraged to start and run their businsses.

Key officials from the MSME Ministry including MoS MSME Giriraj Singh, MoS MSME Haribhai Parthibhai Chaudhary, MSME Add Sec S.N Tripathi  were present at the workshop. (KNN/ DA)