MSME Sector to Get Financial Help Ahead of GST

Micro and Small Manufacturing & Service Enterprises has been given a financial help from the financial institutions in the schedule of an awareness program being held at GST & NSIC Finance (Loan) Facilitation Center.

The program will be held on 28 October in Mysore with the help of various associations like Karnataka Small Scale Industries Association (KASSIA); NSIC, Bengaluru;  District Industries Center, Mysore; Commissionerate of Customs, Excise & Service Tax, Department of Commercial Tax; Micro Small & Medium Enterprises Council, Mysore; and Mysore Industries Association (MIA).

Mysore Industries Association released a statement that “Only 7 % of Micro and Small Manufacturing & Service Enterprises are provided financial assistance from Financial Institutions. The rest have borrowed loans from private money lenders and finance companies by paying huge abnormal interest and penal interest,”. NSIC Loan Facilitation Center has been established to help the MSME sector and was create by the Union Ministry of MSME in the joint collaboration with nationalized Banks and Financial Institutions.

MIA in a statement said, “Most of the countries in the world have already adopted GST, a uniform Tax procedure. Now Government of India also introducing Goods & Service Tax effective from 1st April 2017 in all over India, which is being much awaited by Industry and trade bodies as an ease of doing business. To educate the industrialists in adopting GST and clear their doubts and confusions, senior officers of Central Excise and Commercial Tax department will interact and address the issues.”