Lok Sabha Elections 2024 : Need for GST reforms to cater MSMEs
The Goods and Services Tax (GST) regime, a pivotal reform in the nation’s taxation structure, has evolved over the last seven years. Nonetheless, there still lies some room for tailored adjustments in the GST legislation to accommodate the distinctive circumstances encountered by the industry, specifically the micro, small, and medium enterprises (MSMEs). Here, it may be pertinent to note that this sector contributes around 30% to the country’s GDP, with exports taking up around 46% share.
