Give rebate of 5 % in GST for SMEs

    An industrialist from Mangaluru has written an open letter to Prime Minister Narendra Modi and has urged the Centre to give small scale industries rebate of 5% in GST for one year, which in turn will reduce the price of finished products in turn will help in purchase.

    District Small Industries Association former president Sumith S Rao said, “I appreciate your thoughtfulness to provide large scale relief, even if a bit late, I regret to inform you that I am not at all enthused by your gesture. If the government really want us small industrialists to survive, please reduce what we have to give the government.”

    “Give us a uniform tariff rate for electricity for a year instead of higher rates for more units consumed. This will help increase production and earn more revenue. The interest rates to an uniform 5% or all SME’s for 1 year should be introduced. Then we will be able to pay interest and run our businesses.”

    Stressing the need to simplify labour laws, taxation laws (both GST and income tax), Rao said there is a need for simplified procedures for the filing of PF and ESI.  

    He also appealed to the government to give proper price preference to SME’s in purchases by the government.

    A redressal forums for SMEs consisting of members of the small industries, independent people of good standing and the people from the concerned departments and redress the issues every month expeditiously.

    Rao urged the government to allot land to SMEs at special prices instead of allowing thousands of acres for IT firms which require just 10 acres to house 10,000 people in multi-storey buildings.  The industry that is coming from outside India should be asked to source atleast 25% of their components from SME’s in India.

    Source- Deccan Herald.

The post Give rebate of 5 % in GST for SMEs appeared first on GST Station.

Click here for more...
from #Bangladesh #News aka Bangladesh News Now!!!


Popular posts from this blog

Caution Compliance Companies continues to con Florida corporations


Consequences of incorrect invoice details uploaded while filing GSTR 1