HELLO MEMBERS,
WHAT ARE THE RELIEF TO MESE UNDER GST ?
Relief to mese under gst || banking ||
CA Naveen Chand (Chartered Accountant) (12729 Points)
30 March 2018
1 Replies
RAMESH KUMAR SINGLA
(PROFESSIONAL)
(1777 Points)
Replied 30 March 2018
To my knowledger, there are no specific relief to MSME in the GST. However, the relief is given on the basis turnover of supplies of goods/services.
1. If the turnover is less than 20 lakhs, no registration is required and such MSME is outside the GST.
2. If the turnover is less than 1.5 cr. then such MSME may apply for composition scheme for paying GST where much lower tax is to be paid and number of Returns is much lower than a regular supplier.
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