Raise turnover threshold to ₹5 cr.: CIA
The Consortium of Indian Associations (CIA) has urged the Centre to increase the turnover threshold limit for micro enterprises to facilitate their exemption from the Goods and Services Tax (GST).
The second wave has wiped out more than 40% of MSMEs involved in various sectors, said CIA convenor K.E. Raghunathan, adding that the need of the hour was to save micro enterprises from the hassle and help them to survive the present crisis by increasing the turnover threshold limit to ₹5 crore for FY22.
Secondly, COVID-related materials such as hand sanitisers, masks, medicines, oxygen cylinders, medical treatments and PPE kits must be exempted from all forms of GST, both for input and output, till March 2022, Mr. Raghunathan said.
“If the above two requests are not considered, it would amount to killing the goose that lays golden eggs in one stroke,” the CIA convenor added.
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