Central Board of Indirect Taxes & Customs has released eBook for MSMEs sector. CBIC covered the topics like registration, composition scheme, filing of returns, input tax credit, exports, payment of taxes, handicrafts, textiles and other miscellaneous changes. You can download the ebook from the link given below.
According to the data available, there are over 63 million MSMEs in the country engaged in manufacturing, services and trade – more than half of which are in rural areas. These enterprises account for about 110 million jobs and contribute about 29% of the country’s economic output, as per the National Sample Survey (NSS) 73rd round conducted during 2015-16. The MSME’s role in employment creating and development of the economy makes it imperative for the government to make it easier for them to do business and comply with regulations. IN recognition of the same, relief to the sector in GST laws, procedures and rates has been priority area.
In the 29th meeting held on 4th August, 2018, the GST council took a series of steps which will significantly ease compliance burden for the MSME sector. One of the important decisions made in this meeting is to constitute a Group of Ministers (GOM) for MSMEs which would identify the measures to be taken to provide a conducive environment for the growth of MSMEs after examining the recommendations of the Law Committee, the Fitment Committee and the IT Committee on the representations and suggestions relating to the MSME sector received from various stakeholders. The composition of the GoM is given below.