AbbulHasan Khan (Associatesprofessor) Monad University [email protected] ABSTRACT: India is very unique by birth itis known for good hospitality and ecofriendly business environment for small and big playerequally by RBI survey almost nine million SMEs are existed in India.
what yousee and hear both are not correct some time such situation emerge than the roleof SMEs come in picture let me clear it by giving estimation by researcher thatNumber of SMEs are behind one big company. That is why contribution of thissector is directly 7% and indirectly 30% in economy .But since implementationof GST raises several questions on very existence of the sector because 70% arenot in threshold limit of GST so these are not in range of getting input tax credit.Under the previous tax regime, if your business had operations across manystates, you would have to register for sale tax/ VAT with each state’s salestax department in order to do business activities .The reason that every statehad different tax laws complicated the entire process, and business owners hadto pay many procedural charges for VAT registration and uncontrolled chain ofcascading started. Under GST, the registration is centralized and the rules areuniform for all the states across the country. Keywords: GST, GSTIN, GST No.
SME Input tax credit, Introduction: