The next meeting of GST Council is expected to examine the implementation of the new taxation – Goods and Services Tax (GST) Council is set to meet on March 1 via video conferencing.
Also, easier compliance for the Micro, Small and Medium Enterprises (MSMEs) and small traders could be another factor under consideration by the council.
On regular intervals, MSMEs have come forward and expressed their concerns and issues with regards to the GST implementation. Garment manufactures to exporters dealing in a variety of products, all have expressed their expectations, needs and problems faced in the GST on-boarding phase. Finance Minister, Arun Jaitley in his recent interactions with media have indicated that these issues specifically pertaining to MSMEs will surely be addressed. GST Council on March 1st is an opportunity for the policymakers to tweak or introduce some measures which can impress the MSME entrepreneurs.
Of the changes the different stakeholders are looking at, simplification in the filing of forms have been consistent demands.
Also, a recent FICC survey informed “Problems including delayed reflection of updated data as well as payments, delays in process of input credit set-offs, inability to upload heavy files of certain formats and lack of provision to modify or revise errors posed major challenges to businesses”.