The document analyzes the impact of Goods and Services Tax (GST) on micro, small, and medium enterprises (MSMEs) in India. It finds that while GST has provided benefits like a uniform tax system and lower tax rates, it has also increased compliance costs for MSMEs due to complex documentation requirements. The document recommends increasing exemption limits for MSMEs, enhancing entrepreneur skills through training, and establishing more assistance centers to simplify the tax filing process.
Goods And Service Tax in India, Informative PPT | The all about GST.Deepak Poddar
Here we are discussed about GST. The all information about GST related. We learn about
#WhatisGST
#AdvantagesofGST
#HowGSTworks
#DisadvantagesofGST
#HistoryOfGST
#GSTfollowstheFramwork
#ContentofGST
Goods And Service Tax in India, Informative PPT | The all about GST.Deepak Poddar
Here we are discussed about GST. The all information about GST related. We learn about
#WhatisGST
#AdvantagesofGST
#HowGSTworks
#DisadvantagesofGST
#HistoryOfGST
#GSTfollowstheFramwork
#ContentofGST
This project is undertaken to fulfill information needs of the user at two levels i.e. Macro Level and Micro Level
On a macro level, it aims to provide a single document which can provide information about the impact of GST on various sectors like logistics, eCommerce, pharma, telecommunication, textile, real estate, agriculture, automobiles, small medium enterprises and startups.
Further, on a micro level, it aims to provide information to a businessperson information about GST from a business perspective so that one is able to (a) Comply with the law and (b) collect and pay to the government the correct amount of taxes on time and (c) Does not miss out on any credits that are available.
GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the Producer’s point and Service provider’s point up to the retailer level.
The Goods and Services Tax is being billed as the significant next step in indirect tax reform since VAT was successfully introduced all over India.
However, in introducing GST, there are some objections from some State governments.
The document describes the ease of doing business in India. It discusses the factor used for calculating ease of doing business index. It also mentions about the regulations restricting the ease of doing business in India and the way forward to improve the same.
This project is undertaken to fulfill information needs of the user at two levels i.e. Macro Level and Micro Level
On a macro level, it aims to provide a single document which can provide information about the impact of GST on various sectors like logistics, eCommerce, pharma, telecommunication, textile, real estate, agriculture, automobiles, small medium enterprises and startups.
Further, on a micro level, it aims to provide information to a businessperson information about GST from a business perspective so that one is able to (a) Comply with the law and (b) collect and pay to the government the correct amount of taxes on time and (c) Does not miss out on any credits that are available.
GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the Producer’s point and Service provider’s point up to the retailer level.
The Goods and Services Tax is being billed as the significant next step in indirect tax reform since VAT was successfully introduced all over India.
However, in introducing GST, there are some objections from some State governments.
The document describes the ease of doing business in India. It discusses the factor used for calculating ease of doing business index. It also mentions about the regulations restricting the ease of doing business in India and the way forward to improve the same.
MSME Sector - Growth, Challenges & Opportunities Resurgent India
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Goods and services tax in nutshell ,possibility and problemsPrashant Arsul
It is a destination based tax on consumption of goods and services
It is levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff.
only value addition will be taxed and burden of tax is to be borne by the final consumer
major research project (IMPACT OF GST ON LOGISTIC INDUSTRY IN INDIA)Abhilash Haldkar
Logistics sector plays a very significant role in the development of our nation. The Indian logistics industry is expected to grow steadily. But the logistics costs in India are high when compared to developed countries. This is primarily due to complex tax structure and poor infrastructure. Currently the freight that moves across the country is taxed multiple times. So this paper is an analysis of what the impact of Goods and Service Tax (GST) will be on Logistics Sector in India primarily in Transportation, Warehousing and Logistics Service Providers.
More than 150 countries have implemented GST so far.
Vibrant Gujarat Summit on Micro, Small and medium enterprise and their econom...Vibrant Gujarat
The Government encourages and honours innovation and enterprise. The state and central government bodies work in close coordination with the Entrepreneurs, Industry Associations, Banks and other stakeholders through numerous field offices and technical institutions to help the ‘engines growth’ of India
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GST is one of the indirect tax on the supply of goods and services from the manufacturer to consumer. GST combines all the taxes into one and subsumes all the indirect taxes. This is done for all the central level and state level taxes.
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up GDP growth and create more jobs, industry too, in tandem, is exploring ways to build capacity and capability across the country’s skillscape through diverse initiatives.
Bangladesh National Budget 2018-19- Bangladesh on a Pathway to ProsperityRezaur Rahman Khan Rubel
I'm Immensely pleased to share with you the attached article written by our Lead Consultant Mr. Tofazzul Hussain FCA, CMC "Bangladesh National Budget 2018-19- Bangladesh on a Pathway to Prosperity" published on ICAB Journal 'The Bangladesh accountant' April-June 2018.
Trust you'll find it useful and informative.
Read Deloitte India’s study to understand the GST journey so far and prepare for the future. In this study, Deloitte India focuses on assessing the impact of GST across sectors as we complete five years of the new tax regime. As an organisation, you can read the insights as a guidance and plan your course of action accordingly.
These are slides from an economics revision webinar on aspects of the Indian economy.
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Gini coefficient: 0.35
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Globally competitive in many service industries
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2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
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1. Impact of Goods and Services
Tax(GST) on MSMEs
Basavanagouda
Research Student
Department of Commerce
Central University of Karnataka
2. Objectives of the study
To understand about the role of GST in MSMEs trade facilitation.
To Study the factors with influence on the registrations made by MSMEs in
GST.
To analyze the positive and negative impact of GST on MSMEs.
3. Goods and Services Tax ( GST)
• Constitution 101st amendment paved the way for
introduction of GST in India
• According to Article 366 (12A) Goods and services tax on
supply of goods, or services or both expect taxes on
supply of the alcoholic liquor for human consumption.
• GST is a multi-stage and comprehensive tax on the flow of
goods and services with the benefit of availing input tax
credit on each successful value additions from production
stage to consumption stage. Finally, the burden of tax is
to be born by the consumer of goods or services.
4. Features of GST
• Value added tax
• Comprehensive tax
• Destination based consumption tax
• No differentiation between goods and services
• Continuous chain of Input tax credits (ITC)
• Burden borne by final consumer
5. Improvement in Ease of Doing business
ranking of India
142
130 130
100
77
63
2015 2016 2017 2018 2019 2020
Ease of doing business in india
6. Micro, Small and Medium Enterprises
(MSMEs)
In accordance with the provisions of Micro, Small and Medium
Enterprises Development (MSMED) Act, 2006 the Micro, Small
and Medium Enterprises (MSME) are defined according to
their annual revenue (i.e. sales) of business.
Type of Enterprise Revenue ( in Rs)
Micro Upto 5 crore
Small 5 Crore to 75 Crore
Medium 75 Crore to 250 crore
7. Overview of MSME sector
31%
36%
33%
0%
Distribution of
MSMEs on the…
Manufacturin
g
Trade
Other
Services
51%49%
Share of MSMEs in
Rural and urban areas
Rural
urban
8. Share of MSMEs in GVA and GDP
32%
32.82% 32.71%
32.21%
32.03%
31.83%
30%
30.40%
30.20%
29.70%
29.20%
28.90%
26%
27%
28%
29%
30%
31%
32%
33%
34%
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Share In GVA
Share In GDP
Source: Annual Report of Ministry of MSME 2018-2019
9. Importance of MSMEs to Indian Economy
Provides large employment opportunities
Contributes significantly to GDP and GVA
Greater share in Indian Exports
Flexibility of Operation
Ensures regional development
Promotes rural entrepreneurship
Plays a Key role in efficient utilization of resources
Adaptability – able to cope up with dynamic environment
10. Growth of MSMEs and employment opportunities provided
(in lakhs)
0
500
1000
1500
No of MSMEs
No of Employees
11. Share of MSMEs in Total Exports (Rs.
in crores)
0
100000
200000
300000
400000
Total exports
Exports By MSMEs
12. Type of Supplies made Threshold Exemption Limit
Intra-state supply of goods
Rs.40lakh (20lakh in case of states Manipur, Arunachal Pradesh, Mizoram,
Meghalaya, Puducherry, Nagaland, Sikkim, Tripura, Telangana, and Utter Pradesh)
Intra-state supply of Services Rs. 20lakh (10lakh in case of certain category states as mentioned above )
Inter-state supply of
services(not goods)
Rs. 20 lakh (10lakh in case of certain category states as mentioned above)
Special registration provisions to MSMEs:
The following exemptions are provided to MSMEs to facilitate
trade based on turnover.
13. Composition Scheme
Conditions to opt for composition scheme:
Tax rates under composition scheme:
Eligibility Aggregate turnover
A registered taxable person as a
supplier of Goods
Below 1.5 crore rupees
Rs. 75 lakh for ( Arunachal Pradesh,
Manipur, Meghalaya, Mizoram,
Nagaland, Sikkim, Tripura and
Uttarakhand)
A supplier of services only Aggregate turnover up to Rs.50 lakh
Nature of business Rate of tax
Manufacturers and traders 1%
Restaurant services and works
contract services
5%
Suppliers dealing on services only
or goods and services together
6%
17. 0
10
20
30
40
50
60
15th april 2018 24th june 2018 28th july 2018 29th sep 2018 30th sep 2018 1st mar 2019
E-way Bills Generated
E way bills genarated in crores
Source: GSTN
18. Factors Influence on registration of GST by MSMEs
• Awareness towards GST
• GST Knowledge
• Tax compliance cost
• Quality of Service
• Tax payers Satisfaction
19. Positive Impact of GST on MSMEs
• Simpler Provisions for starting of new Business
• Improved accounting Systems
• Increased transparency
• Low tax rates
• Reduction in logistic cost and time
• Creating a uniform platform
• Composition scheme
20. Negative Impact of GST on MSMEs
• Lower threshold exemption limit
• Difficulties in maintaining documents
• Putting petroleum out of the preview of GST
• Increased compliance cost
• Non availability of Input tax credit under composition scheme
• Lack of availability of technically skilled workers
• Poor Information technology infrastructure
• No clear rules regarding categorization of Goods and services
21. From the study it is found that
The presence of MSMEs are more in rural area.
The Contribution of MSMEs to GDP in Declining in time period.
MSMEs are incurring extra cost in terms of high compliance cost.
There is a need for information technology infrastructure facilities for MSMEs.
Suggestions
Increase the exemption limit from 20 lakh to 40 lakh in case in inter-state supply of
goods and services
Enhance the technical competence of entrepreneurs by conducting workshops and
trainings
There is need to provide the subsidy on the purchase of electronic equipment's
which are needed for filing the returns
The is need to simplify the tax filing process by establishing more GST seva
kendras
Findings and suggestions
22. Conclusion
• MSMEs are the important engines of Indian economic development, they
foster entrepreneurship and generate more employment opportunities at a
lower cost of capital, and also provide for inclusive industrial development
and plays a pivotal role in reducing the regional imbalances by promoting
rural industrialization.
• MSMEs in India have a strong potential for growth, but many factors
influence the operation of MSMEs. Among the factors, taxation policy is an
important one.
• In GST, every process done through electronic mode i.e., from getting
registration to the filing of returns. It becomes difficult for not tech-Savy
entrepreneurs to carry out the process of registration and filing under GST.
So, there is a need for more GST Seva Kendra’s, training and workshops to
enhance the technical skills of entrepreneurs. It will be helpful for both
taxpayer and tax receiver and helps government to broaden the base of GST.
