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24/01/2023 05:36pm

Union Budget 2023-24: TANSTIA seeks simplification & transparency of GST, subsidy for Raw Materials

image Union Budget 2023-24: TANSTIA seeks simplification & transparency of GST, subsidy for Raw Materials

Chennai, Jan 24 (KNN) In the memorandum of Budget to Finance Minister, Tamil Nadu Small & Tiny Industries Association (TANSTIA) has demanded simplification of GST.

Speaking exclusively with KNN India, K Mariapan, President, TANSTIA said, the MSMEs faces challenges due to the faulty implementation of GST which the Government must address in the upcoming budget.

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“The MSMEs in the State are facing difficulty due to gaps in GST implementation,” he said.

Mariapan added that “It is imperative to have a smooth chain in the GST system right up to the ITC (Input Tax Credit). Monitoring or Verifying of the ITC claims in case of supplier of services/goods becomes all the more difficult.”

Therefore, the Government must simplify the GST system to facilitate ease of Tax compliance and ease of administration at the side of Government departments.

Also speaking to KNN India, K Subramanian, President MSME Thanjavur Association, Kumbakonam said that the high cost of Raw Material and Electricity tariff is a major hurdle for MSME units in the State.

“To help MSMEs, a timely intervention is required from the Central Government by providing subsidies on Raw Material and on electricity”, MSME Thanjavur Association said.

Speaking on the issue of high Raw Material cost affecting the MSME units in the State, TANSTIA President told KNN India,that the Government should consider opening fair price shops at industrial estates to supply raw materials including cotton at a fixed price for one year through NSIC at easy credit terms.

Tamil Nadu contributes 8.8 per cent of the National GDP. The State has over 23.6 lakh registered MSMEs with an investment of Rs. 2.73 lakh crore.  (KNN Bureau)

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