MSMEs who work in the Sidco industrial estate around Coimbatore city area has requested to the government to make the easy mechanism in order to receive the return on time and to make GST simple.
In the RBI policy revision done for MSMEs early this year, it was noted that, “accordingly, eligible MSME accounts, which were standard as on August 31, 2017, shall continue to be classified as standard by banks and NBFCs if the payments due on September 1, 2017, and falling due thereafter up to December 31, 2018, were/are paid not later than 180 days from their original due date.”
At present, the small and medium enterprises have to furnish approximately three forms and the whole process is quite burdensome, they further mentioned.
Members of the Coimbatore Sidco Industrial Estate Manufacturers Association (Cosima) yesterday mentioned all these in a release, and also put some other resolutions as well regarding the annual general meeting conducted recently.
S Surulivel, president of Cosima, mentioned in a statement that under GST regime, they have to furnish multiple forms, but it would be better if they were allowed to furnish the form GSTR–3B only, it could make the GST implementation easy. Further, it will also make GST payments for MSMEs on a quarterly basis.
The Cosima association also urged that the GST council also require to include electricity and fuels under GST regime to make it according to GST structure.
In the recent 29th GST council meeting, there was a discussion over the issues of MSMEs under the GST, and considering this, the council set up a six-member ministerial panel to solve out the problems.
It is yet to be seen how the government and GST council both will resolve the issues under GST return filing and billing system for all the industries and not just only for MSMEs as there are still complaints over the faulty working of the GSTN official portal.
