KASSIA welcomes relaxation of GST norms for MSMEs
New Delhi, Jan 12 (KNN) Karnataka Small Scale Industries Association (KASSIA) has appreciated the decision of the government to address the issues that were of concern to Micro, Small and Medium Enterprises (MSMEs) with regard to GST.
The decisions announced at the 32nd GST council meeting to raise the exemption threshold to Rs.40 lakhs for SMEs and also the measures on the composition schemes will ease the burden of the MSMEs from having to comply with the regulations even at relatively low turnovers, said KASSIA in a press release.
The Government has responded to the requests of the SMEs by suitably resolving the issue, it added.
KASSIA, would like to thank the government and the Finance Minister for effecting these changes which, we believe, will help MSMEs to operate more smoothly, said a press release.
It added that now MSMEs will be able to focus on the real operational areas in the fast changing and highly competitive business environment instead of having to worry about the complex compliance provisions of GST.