New Delhi, October 9 (Daily Kiran) : New Delhi is witnessing a significant shift in its business landscape with the introduction of new GST reforms. These changes are designed to enhance confidence in the GST system and facilitate easier registration for entrepreneurs. The Entrepreneurs Association of India (EAI) highlighted these developments on Friday.
Abhishek Kumar, president of EAI, noted that reducing penalties has been a long-standing demand. This change is intended to ensure that GST is viewed not as a punitive measure but as an inclusive framework that supports all businesses. He emphasized that this reform is a crucial step towards building trust in the GST system and the overall business environment.
Kumar also pointed out that expediting GST registration for small businesses operating through e-commerce will significantly ease their operations. This will allow them to register without the need for multiple offices across different states.
Additionally, Kumar addressed the government’s establishment of a ₹10,000 crore SME Growth Fund (SGF). He stressed that support for MSMEs should not be limited to metropolitan areas but should extend to Tier-3 and Tier-4 cities as well. This fund is expected to assist small SMEs in expanding their reach and achieving export-level growth. He expressed gratitude to the Prime Minister for approving this much-anticipated funding.
Ravi Sood, president of the Badli Industrial Estate Association, praised the GST Council’s initiatives aimed at promoting industries, particularly micro, small, and medium enterprises (MSMEs). He expressed hope that the government would continue these policies, fostering further liberalization and increasing trust among consumers and traders alike.
Sood also highlighted the potential of Indian entrepreneurs, stating that they possess the capability to become global leaders. With continued government support, he believes that the goal of achieving a ‘developed India’ by 2047 is well within reach.
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