In a move to help facilitate small business houses in the country for goods and services tax or GST registration, simplification in the principal place of business or PPoB norms has been mooted to be mandated in every state. The move the government aims at empowering micro, small, and medium enterprises (MSME) sector where the simplification of certain rules would further help the online sellers to expand their businesses, according to a top official in the finance ministry.
“In line with the Parliamentary panel’s recommendations, the implementation of a single home-state PPOB registration and subsequent virtual PPOB registrations for small sellers have been proposed. I think it will be help the MSME sector in some way or the other. In the interest of digitisation and reduction in their compliance burdens, the efforts taken by the government and GST council towards empowering MSMEs also explored areas where simplification of certain rules would further help the online sellers to expand their businesses,” the official said.
India’s thriving MSME sector has presented unprecedented growth potential in the last few years, propelling the nation towards the ‘trillion-dollar digital economy’ goalpost envisioned by the government. While recent GST simplifications have nudged the industry forward, avenues of further simplification still remain, demanding renewed attention from stakeholders.