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Decisions taken by GST Council for MSMEs will prove to be very effective for SMEs of J&K: BBIA

Decisions taken by GST Council for MSMEs will prove to be very effective for SMEs of J&K: BBIA

The decisions are taken by the Goods and Services Tax (GST) Council for Micro, Small, and Medium Enterprises (MSMEs) will prove to very effective and positive for Small and Medium Enterprises (SMEs) especially in Jammu and Kashmir, said an MSME association in Jammu.

GST Council has notified earlier this month that the decisions it took for the MSMEs at its 32nd meet in January to be effective from 1st April. The council had announced a number of benefits to the MSME sector including a hike in the turnover threshold and approval of a 6% composition scheme for the services sector with a threshold limit of Rs 50 lakh. President of Bari Brahmana Industries Association (BBIA), Lalit Mahajan said, “It is a good step on behalf of the government. The move regarding threshold will help in increasing the amount of revenue collection as well.”

 

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