National Small Industries Corporation (NSIC) has launched a GST helpline to help MSMEs conduct their business under the new tax regime. The helpline comes as part of the Corporation’s earlier launched GST information campaign.
The helpline comes to assist MSMEs undergo the GST transition and understand the new regime, of which the small enterprises especially seem puzzled about. The platform is gaining good traction from the sector and a lot of MSMEs are reaching out nation-wide with various queries on daily basis, informed officials.
— NSIC (@NSICLTD) July 13, 2017
The Goods & Services Tax is an indirect tax rolled-out throughout India on July 1, 2017 to replace taxes levied by central and state governments at multiple levels. The new regime has swept out more than a dozen Central and State taxes and ushers in a new “good and simple tax” in market for the $2 trillion Indian economy.
With the introduction of the GST bill, the informal sector is expected to gradually shift to formal sector and more people will come under the taxation bracket. Overall, it is speculated to prove as a strong enabler for GDP growth, which will indirectly have an affirmative influence on all sectors.
— NSIC (@GSTMSME) July 11, 2017