Banking & FinanceFinanceGSTInFocusTaxation

Manish Sisodia Proposes Turnover Based GST Scheme for MSMEs

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Delhi Finance Minister Manish Sisodia proposed a scheme for the MSMEs with turnover of up to Rs 5 crore per annum, in which a certain proportion of the tax paid by registered dealers in MSME sector will be reimbursed to them, by the Centre and the state.

The suggestion was made in the GST Council meet conducted on August 4 to address the taxation-related issues faced by the country’s micro, small and medium enterprises (MSMEs).

Proposing the scheme for the benefit of MSMEs, he said, “This scheme would not distort GST tax revenue and would go a long way in creating employment and profitability in small business.”

He said that the law committee will examine the proposal and then it will be sent to the group of ministers who will finalize the report.

If accepted, it would be a big relief to the businesses with a turnover of under Rs 5 crore, he added.

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