GST overhaul in the works for MSMEs
Big changes are coming to the Goods and Services Tax (GST) system, all aimed at making life easier for micro, small, and medium enterprises (MSMEs).
The government wants to cut down on tax slabs and simplify rules so it's less of a headache for small businesses to stay compliant—and hopefully, more MSMEs will feel confident joining the formal economy.
Planned updates to tackle tricky issues
The planned updates tackle tricky issues like the inverted duty structure and slow refund processes—meaning MSMEs could see better cash flow instead of money getting stuck.
There's also talk of raising the registration threshold and easing state registration rules for e-commerce sellers, which might help smaller players reach bigger markets without as much red tape.
Experts say these moves could create a friendlier environment for startups and young entrepreneurs looking to grow.