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Business

GST will boost competitiveness

The Goods and Services Tax (GST) will boost the competitiveness of micro, small and medium enterprises (MSMEs), noted a recent joint study by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and Ashvin Parekh Advisory Services (APAS). It will bring many positives compared to the current systems such as easy process of availing input credit, single point tax, elimination of cascading tax system, and simpler taxation. There is no doubt that GST is aimed to increase the taxpayer base and would put some burden of compliance and associated costs to MSME. But eventually, it will turn these MSMEs more competitive with a level playing field between large enterprises and them.

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