MUMBAI, (GNI): Mr. Niranjan Hiranandani, Senior Vice President, ASSOCHAM
MUMBAI, (GNI): The doubling of the exemption limit for GST registration from the earlier Rs 20 lakhs to Rs 40 lakhs for all Micro, Small and Medium Entrepreneurs (MSME) by the GST council headed by the Union finance minister, Arun Jaitley is certainly a step in the right direction. The easing of tax compliance limit would benefit lakhs of small entrepreneurs said Mr. Niranjan Hiranandani, Senior Vice President, ASSOCHAM
ASSOCHAM also welcomes the GST composition scheme under which small traders and businesses would pay a small tax based on turnover rather than value addition. The limit has been raised to Rs 1.5 crore from the earlier Rs 1 crore.
It is estimated that there are almost 60 million small and medium-sized entrepreneurs in India who play a very important role in driving the country’s economic growth and development. MSMEs have been a core issue for an industry body like ASSOCHAM, the press release stated.
About ASSOCHAM initiated its endeavour of value creation for Indian industry in 1920. It was established by promoter Chambers, representing all regions of India. Having in its fold over 400 Chambers and Trade Associations, and serving over 4.5 lakh members across India. ASSOCHAM has emerged as the fountainhead of Knowledge for Indian industry, which is all set to redefine the dynamics of growth and development in the Knowledge Based Economy. More information available onwww.assocham.org