In continuation of their joint efforts towards “Identifying implications of GST and facilitating adoption by MSMEs”, SIDBI the focal financial institutions for MSMEs and FISME, the leading federation of MSME Associations in India, organised a roundtable in Ahmedabad on Feb 21.
The round table was organized jointly with Vatva Industries Association, Ahmedabad, Gujarat. This was the 5th round table awareness building seminar on GST under the programme.
SIDBI’s General Manager K Chandrasekhar Thanvi along with Bimal Jain, GST Expert cum A2Z Taxcorp Executive Director and other industry experts deliberated on the subject.
In his opening remarks, SIDBI’s General Manager K Chandrasekhar Thanvi emphasized on the importance of conducting the programme considering the importance of GST for MSMEs.
Thanvi said GST is a very important reform for MSME sector. “Keeping this in mind, SIDBI has taken this initiative to handhold the MSMEs and create awareness amongst them.”
The discussion will help the sector in smooth transition to GST regime, he said.
Chief resource person, CA Bimal Jain, an eminent expert on Taxation and author of books on GST started the session with the need for implementation of GST.
He said Government is trying hard to roll out GST from July 1, 2017. He defined GST as the instrument to provide a level playing field to MSMEs to enable them to grow and do business on a PAN India scale.
Jain said after GST rollout, multiplicity of taxes would go away and there would be remission of double taxes.
He then explained methods and steps involving intrastate and interstate GST transactions by giving small examples.
A lively question answer session followed and Jain responded to the issues raised by means of actual examples.
Through the nationwide campaign, SIDBI along with FISME, is handholding the MSMEs for implementation of GST by organizing roundtables like this, webinars, handbook etc.
The programme was attended by more than 30 members of different MSME associations in the state including Vatva Industries Association, Gujarat Dye Manufacturers Association etc.