The MSMEs form a vital cog in the wheel of economic and social development of the country. The MSME sector acts as a nursery of entrepreneurship. Their effective, efficient, flexible and innovative entrepreneurial spirit could propel the country on the path of development. Rashesh Shah sounded optimistic about the committee addressing the problems of the MSMEs and come up with long-lasting solutions.
FICCI has submitted some recommendations regarding the MSMEs to the GST Council. Among these, a single pan-India registration would help to mitigate the uncertainty, cascading and unnecessary compliance. A single registration with credit mechanism for MSMEs would ensure no credit blockages. The FICC concluded the list of recommendations, with GST for breakfast cereals to be reduced from 18% to 12%, thus boosting the reach of this essential food product to many people.