Expectations Of The MSME Sector
Industry experts are of the view that in order to enable MSMEs to benefit from professional services for their business growth, the government should reduce the GST rate on most of the professional services (to the extent provided to the MSME sector) from existing 18 percent to 5 percent.
In recent times, MSMEs have gone through many adversities due to the Covid-19 pandemic, and they are facing the adversities due to inadequate liquidity, supply mismatches, shortage of labour and non-payment of dues.
Cash starved MSMEs are expecting incentives and relief measures from the Government of India to improve their production capabilities, increase exports and generate employment opportunities. Certain key aspects concerning the MSME sector need immediate attention.