By generating employment for 100 million people, MSME is the biggest job opportunities creator in the nation besides contributing essentially in the National economy with its deep-rooted power and potential to flourish. But MSMEs in India have been addressing numerous issues such as the sub-optimal scope of operations, outmoded technology, disorganised and inept supply chain, fund deficiency, alteration in manufacturing strategies, unstabilised market scenario and rising competition at domestic and global, which got summed up when the GST regime hit the ground running.
The commencement of GST further complicated the survival and competition of MSME with large and global enterprise as the time, cost and energy compliance is much bigger for MSMEs than the bigger companies under GST.
Read also: Brief Procedure of MSME Registration with Key Benefits
In such an arena, to ensure seamless surge & advancement of MSME and to help them deal with sudden changes and compliance challenges the government provides some relaxation benefits to the MSMEs, in the form of Threshold exemptions, Uninterrupted ITC in the supply chain , Composition levy schemes, Quarterly filing of GST returns, Special invoice provisions, Exemption from Compulsory Audit by CA, Special return filing provisions, and take measures like increment from ₹1 Crore to ₹1.5 Crore in the upper limit of turnover for opting for composition scheme, simplified filing of nil returns, and so on.
To know more about MSME and the relaxations provided to them by the GOI, click here
After the present amendment, we can be categorized as MSME – medium. Already we are a GST registered person. can anyone detail the benefits we can reap by applying or categorizing our self as MSME? please