India’s fourth largest private sector bank YES Bank has launched a GST programme to resolve the problems faced by MSMEs in implementation of Goods and Services Tax (GST). MSMEs can avail the service by giving missed call on helpline number.
Yes Bank has started the ‘YES GST’ program along with the YES Global Institute under the MSME CSR Initiative. Through the program, the Bank will help MSMEs understand the impact of the proposed changes under the new tax system.
The programme has been divided into 3 categories – Knowledge creation, Knowledge Dissemination and YES GST Product Solutions. Under product solutions, Missed Call Helpline (8080945075) facility, GST-ready Working Capital Management, GST-ready Invoicing and Cash Management solution, and GST-ready Business Credit Cards will be provided.
Rana Kapoor, Managing Director and CEO, YES BANK said, “GST is the most significant economic reform since liberalisation launched in 1991, and envisages ‘One Economic India’. MSMEs are the backbone of the economy and it is vital to ensure that they are GST prepared. At YES Bank, we realise the importance of actualising this learning objective using our differentiated knowledge banking approach.”
YES Bank has initiated the program on the back of findings of its nationwide survey with 100 MSMEs. The findings show that 50 per cent MSME owners are not aware of the impact of GST on their businesses. 90 per cent MSME owners are not fully aware of the changes needed to comply with GST, 50 per cent will contact their bank for further guidance; and 75 per cent MSME owners expect their banks to guide them on GST. The primary sources of information are their CAs, Business Associates and media.
The Bank has partnered with tax filing start-up ClearTax and fintech start-up Numberz, and targets to reach out to 1 million MSMEs through this program in coming 6 months.