MSMEs are in terrible shape as there is no matching of systems of GSTN 1 & GSTN 2 which results in GSTN 3: Amit Mitra

Kolkata, June 28 (KNN) Talking on one year of Goods & Services Tax (GST) in the country, West Bengal Finance Minister Amit Mitra said the first step in the next three months should be to fix the system once and for all, as we had expected many many months ago.

In an interview to CNBC-TV 18, Mitra said,“We get stability of revenue collection, we get stability of business. MSMEs are crying out loud today. They may not tell you publicly, but they are in terrible shape because there is no matching of systems of GSTN 1 & GSTN 2 which results in GSTN 3. They do not know what will happen to them. They are just putting in GSTN 3B, what they think is right, and now go on appeal. Even that is not online.”

He further said that the first step is making the systems right and then go to the next step on how you are going to deepen work towards other kinds of reforms in the system of GST to tell the world that this is the world’s largest fiscal reform.

So far it is a complete mess and I am hoping that in the next three-four months or five months, having failed in the first one year, we come back to an automated system, which was our objective, with no rent seeking, with no manual process by and large, and refund to the exporters and the MSMEs feel comfortable in being in the GST system, Mitra told CNBC-TV 18 adding that Revenue buoyancy must happen for states.