- Financial Express
4 ways how current taxation system may ease compliance and boost ease of doing business for MSMEs
Ease of Doing Business for MSMEs: Considering the fact that we majorly depend on MSMEs for employment, exports, and GDP contribution, the finance ministry is striving to facilitate their exponential growth and expansion. However, there are could be some challenges because of the taxation system.
Ease of Doing Business for MSMEs: The finance ministry of India has been trying to take some good steps in taxation that can facilitate the growth of MSMEs in India.
The impact of the taxation system on MSMEs is twin layered- through the corporate taxation system and the GST.
The budget 2020-21 announced on February 1, 2020, had a major focus on accelerating the growth of the MSMEs.
The most significant change that impacted the whole idea of small and medium enterprises in recent times was the change in its definition.