GST Impact on SME Sector and composition schemes in GST ACT, 2017
GST Impact on SME Sector and composition schemes under GST, 2017 1. SME Sector has to face big competition with giant market player Presently the SME manufacture has not liable to pay excise up to a turnover of Rs. 150 Lacks but in GST scenario he has to pay GST where his turnover has exceed the Rs. 20 lacks. The SME manufacturer has face huge competition with the big player of the market which already has a reputed share of market demand, and a product which has a brand value. 2. Negative as well as positive effect of GST on SME Sector and Indian economy; 1. This create a huge problem with SME sector and make a huge effect on Indian economy. 2. Government revenue may increase, after implementation of GST. 3. No of Taxpayer has increase. 4. Effect adversely the government scheme of MAKE IN INDIA and START UP. 5. Adversely effect the small manufacturer, even it create a situation of shut down. 6. Adversely affect the employment and rural industries. 7. Huge compliance and filing under GST also adversely affect the SSI. 8. Will Create a Less Cash economy.
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