https://www.taxtmi.com/article/detailed?id=7386 GST's lower exemption threshold and broad aggregate turnover definition risk bringing many MSMEs into the tax net; coupled with state wise registrations, multiple monthly returns, taxation on stock transfers, advances and sale or return rules, the regime creates high compliance and cash flow burdens. The author advocates raising the exemption, permitting quarterly returns for eligible MSMEs, deferring tax on internal transfers until sale, relaxing sale or return time limits, permitting invoice or receipt based taxation of advances, and broader, turnover based access to the composition scheme to preserve MSME competitiveness. en-us Tue, 25 Apr 2017 08:11:27 +0530 Tue, 25 Apr 2017 08:11:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7386 GST's lower exemption threshold and broad aggregate turnover definition risk bringing many MSMEs into the tax net; coupled with state wise registrations, multiple monthly returns, taxation on stock transfers, advances and sale or return rules, the regime creates high compliance and cash flow burdens. The author advocates raising the exemption, permitting quarterly returns for eligible MSMEs, deferring tax on internal transfers until sale, relaxing sale or return time limits, permitting invoice or receipt based taxation of advances, and broader, turnover based access to the composition scheme to preserve MSME competitiveness. Articles Goods and Services Tax - GST Tue, 25 Apr 2017 08:11:27 +0530 https://www.taxtmi.com/article/detailed?id=7386