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    Budget Reaction – MSME & GST(Vyapari)

    Published on February 2, 2020

    CMA B Mallikarjun Gupta – Chief Taxologist, Logo Infosoft

    “The fake invoices being issued in GST Regime has become a big headache for the Government and to punish such errant taxpayers the budget proposes hefty penalty equivalent to the aggregate amount of fake invoices issued or transactions omitted. The budget also proposes to levy equal amount of penalties on the person who has received or miss used to take input tax credit. These stringent provisions will definitely weed out the black sheep from the system.”
     
    “The budget has provided a tremendous thrust on MSME Sector as it has introduced Safeguard Duties, this is essentially required as imports are becoming cheaper on account of IGST being eligible for Input Tax Credit for traders which replaced CVD which was not eligible earlier. This would help the align MSME manufacturing sector on track.”
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