Wednesday, 20 December 2017

Proactive Measures taken by Government for Smooth Implementation of GST for MSME

Government has taken several proactive measures for smooth implementation of GST for MSMEs including:
  • Exemption to Khadi fabric sold through Khadi and Village Industries Commission (KVIC) and KVIC certified institutions/outlets; 
  • Majority of items produced by the MSMEs in the band of 28% tax slab brought to lower slabs; 
  • Composition levy extended upto turnover worth Rs. 150 lakh per annum; 
  • Quarterly return to be filed by GST registered units having turnover of Rs. 150 lakh per annum or less. 
  • Reverse Charge Mechanism kept in abeyance till March 2018. 

This Press Release is based on information given by the Minister of State for MSME Shri Giriraj Singh in a written reply to a question in Rajya Sabha on 20.12.2017(Wednesday)

Courtesy: pib.nic.in

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