Business ecosystem getting difficult, FINER raises concerns of MSMEs with the visiting GST Council Delegation

New Delhi, Nov 10 (KNN) Highlighting the problems of the Micro, Small and Medium Enterprises (MSMEs) of the region without the North East Industrial and Investment Promotion Policy (NEIIPP) that was there earlier in the state, and also the complications under the Goods and Services tax (GST), the Federation of Industry & Commerce of North Eastern Region (FINER) met the council.

Talking to KNN, R.S Joshi, Chairman of FINER informed that the federation have made a representation to the visiting delegation of the GST council that is there in the state for the deliberations of the GST council meeting.

Joshi informed that the industry in the region comprising primarily of the Micro, Small and Medium Enterprises is not in a good shape with many units on the verge of shutting down their operations.

With the absence of the incentive policy that was there in the state earlier that provided a 100 per cent refund of excise, the industry was hit a big blow.

Responding to which the government announced a tax holiday policy and the notification was issued eventually to provide some level of relief under the new taxation.

“The government finally came up with the notification, but unlike the earlier 100 per cent exemption, now the refund is limited to only 58 per cent, which goes against ease of doing business policy of the government” Joshi said.

Joshi further lamented that the refund produce is also very complex now as there is no fixed timeline.

“The industries have to apply for refunds quarterly, following which there would be bureaucratic interventions and all this takes a lot of time, whereas earlier it used to happen in a fixed timeframe”, he added.

Joshi said Hasmukh Adhia who is a part of the delegation gave the federation a patient hearing and FINER is hopeful that there might be some big announcements in order to facilitate the much needed relief for the sector. (KNN/ DA)