Awareness Programme on GST and NSIC Finance (Loan) Facilitation Centre to be held in Mysuru on Oct 28

Mysuru, Oct 24 (KNN) Keeping in view that only 7 per cent of Micro and Small Manufacturing & Service Enterprises are provided financial assistance from financial institutions, an awareness programme is being held on ‘GST & NSIC Finance (Loan) Facilitation Center’.

Karnataka Small Scale Industries Association (KASSIA); NSIC, Bengaluru;  District Industries Center, Mysore; Commissionerate of Customs, Excise & Service Tax, Department of Commercial Tax; Micro Small & Medium Enterprises Council, Mysore; and Mysore Industries Association (MIA) along with others is jointly organizing the programme on October 28, 2016 in Mysore. 

“Only 7 % of Micro and Small Manufacturing & Service Enterprises are provided financial assistance from Financial Institutions. The rest have borrowed loans from private money lenders and finance companies by paying huge abnormal interest and penal interest,” highlighted MIA.

This is causing heavy hardship for the development of their industries and they are under the clutches of money lenders and struggling for their existence, it added.

The Union Ministry of MSME established NSIC Loan Facilitation Center to facilitate MSME sector for their required financial assistance by coordinating with nationalized Banks and Financial Institutions. 

“Most of the countries in the world have already adopted GST, a uniform Tax procedure. Now Government of India also introducing Goods & Service Tax effective from 1st April 2017 in all over India, which is being much awaited by Industry and trade bodies as an ease of doing business. To educate the industrialists in adopting GST and clear their doubts and confusions, senior officers of Central Excise and Commercial Tax department will interact and address the issues,” MIA said. (KNN Bureau)