Essel Group Chairman Subhash Chandra voices SME concerns over GST

Adding heft to the rising concerns regarding the initial impact of the Goods and Services Tax (GST), especially in the SME (Small and Medium Enterprises) sector, Rajya Sabha MP and Essel Group Chairman Subhash Chandra on June 17 requested the government not to take any action for non-compliance of GST during the first six months of its implementation.

Chandra tweeted, “I have requested GOI & finance minister not to take any action against non-compliance of GST for 6 months from effective date.”

In another tweet, Chandra further said, “There is nervousness about what & how of GST in SME across the country, hence my request for 6 month no action and no penal action“.

The impact of the unified tax system on the Indian SME sector is expected to vary across different segments. Industry experts are sceptical about the impact of GST, saying it can both hurt as well as help the GST sector.

In April 2017, while delivering a speech in Rajya Sabha, Chandra had welcomed GST, but went a step ahead by stating, “In the time to come, we should go beyond GST and think out of the box — to bring about a new taxation structure.”

Source: DNA