SMEs constitute nearly 80 per cent of the industries
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Hyderabad: The Federation of Telangana and AP Chambers of Commerce and Industry on Tuesday demanded that the Goods and Service Tax Bill should be made friendlier to small and medium enterprises, which constitute nearly 80 per cent of the industries.
Speaking at a seminar on ‘Draft Report on Registration, Payment and Refund Process under GST regime’, S. Thirumalai, advisor, indirect tax committee, FTAPCCI, said that SMEs cannot be subjected to the same norms as of large industries.
He demanded enhancement of the payment limit of Rs 10,000 through Demand Draft and cheque. Mr Thirumalai pointed out that if there is any mistake in mentioning the challan number, the current draft report does not address the issue of absence of automatic refund procedure.
“One has to apply manually for refund and hence suffer due to delays,” he said. Another issue raised was of rejection of registration by two separate authorities in which if the state authority rejects registration, it is automatically cancelled at the central level.
Mr Thriumalai said that a single authority to look after registration of SMEs rather than two separate authorities will eliminate these problems. The proposal to impose taxes on raw material sold to exporters for manufacturing was also opposed.
( Source : deccan chronicle )
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