https://www.taxtmi.com/article/detailed?id=12353 The article explains GST measures affecting MSMEs: raised registration thresholds, a composition scheme with expanded turnover limits, targeted rate reductions, and digital compliance mechanisms. It identifies benefits-simplified online registration, improved accounting, reduced logistics-and outlines major challenges including restrictions on Input Tax Credit where suppliers default, taxation of advances, state-wise compliance burden, limits on composition eligibility, stock-transfer taxation, short sale-or-return periods, inability to revise returns, and frequent regulatory changes. It recommends widening composition access, relaxing ITC conditions and time limits, permitting provisional refunds, easing e-way bill rules for small taxpayers, consolidating returns, and improving portal services to protect MSME liquidity and reduce compliance costs. en-us Fri, 23 Feb 2024 08:26:12 +0530 Fri, 23 Feb 2024 08:26:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12353 The article explains GST measures affecting MSMEs: raised registration thresholds, a composition scheme with expanded turnover limits, targeted rate reductions, and digital compliance mechanisms. It identifies benefits-simplified online registration, improved accounting, reduced logistics-and outlines major challenges including restrictions on Input Tax Credit where suppliers default, taxation of advances, state-wise compliance burden, limits on composition eligibility, stock-transfer taxation, short sale-or-return periods, inability to revise returns, and frequent regulatory changes. It recommends widening composition access, relaxing ITC conditions and time limits, permitting provisional refunds, easing e-way bill rules for small taxpayers, consolidating returns, and improving portal services to protect MSME liquidity and reduce compliance costs. Articles Goods and Services Tax - GST Fri, 23 Feb 2024 08:26:12 +0530 https://www.taxtmi.com/article/detailed?id=12353