SME Conclave 31st August 2018

World Association for Small and Medium Enterprises (WASME) is a global non-profit organization, headquartered at Noida, India, that has been spearheading the cause and development of Small and Medium Enterprises (SMEs) world over since its inception in 1980.

Over 38 years, WASME has emerged as one of the most representative, effective and leading international organization working towards the promotion of SMEs worldwide through Policy Advocacy, Information Dissemination, Conferences, Seminars, Events, Trainings, Publication, Network linkages and many more.

WASME enjoys consultative status with many UN agencies such as UNCTAD, ITC, WIPO, UNIDO, UNESCO, UNICITRAL, UNESCAP and ILO, several intergovernmental and international organizations like WCO, OECD, ICSB, APEC, APCTT, etc.

Still, WASME is emerging as a powerful international organization with representatives in different parts of the world that include Permanent Representatives, Senior Advisors, External Consultants etc.

INTRODUCTION

GST stands for Goods and Services Tax. SMEs or Small and Medium Enterprises seem to be confused and unable to decide whether GST is a boon or a bane to them. GST holds high the slogan of “One Nation, One Tax” and thus brings a whole gamut of taxes like CTA, Service tax, CST etc. into one unified form called the GST. GST claims to ease out the tax payment process by reducing the complexities involved with multiple tax structure thus facilitate ease of doing business. The big players shall surely be affected by this new scheme, however, it is the SME’s which feel the heat more than anyone else with implementation of the GST bill. Well, it’s a beneficial move for them and lauded by those who have understood its application, some people are still not convinced by its introduction to the Indian tax system.  

SME’s are the small entrants into the market that are still budding, blooming and aspiring to build a wide customer base. They are still striving to get higher revenues and grow into stable and big size players. For such new entrants or existing small players, introduction of GST is a matter of big concern, primarily because they do not fully understand its concept and application.  

SME’s are finding it as a threat to their existence and considering it as a big hurdle to their growth while in reality it aims to helm them grow. Since GST is centralized, all you have to do is register once and procure a GSTIN. This can be used to pay GST for all the states involved in your sales process and you have standardized rules to follow. In spite of this, the SME’s are finding it troublesome as they are generally not so tech savvy and unable to do online stuff easily. They find it difficult to do these online procedures since they are more equipped to handle the traditional, manual processes.  

Here’s a list of some forecasted and some witnessed problems which might actually affect the MSME’s:  

  1. Multiple Registrations Needed
  2. Monthly Returns 
  3. Increased Tax Compliance Costs:
  4. Mandatory registration for e-commerce firms:
  5. GST Compliance Rating 
  6. Lower exemption for manufacturing units: 

While the SME’s continue to treat GST as a big threat to their existence and smooth functioning, in reality it is meant to help small businesses bloom to their fullest possible capacity; provided you are transparent in your operations and not fooling around with your false portrayal of small sales and minimal turnovers. For those who are involved in forgery and breaking the tax rules, GST is surely a hard hit. Thus, the SME’s are very apprehensive of the proposed benefits of the new wave of GST but gradually they will have to get used to it.

OBJECTIVES OF CONCLAVE:

 

  1. To understand the challenges faced by SMEs
  2. To provide solutions

SPEAKERS:

  1. Officials from GST Team
  2. Bankers
  3. Tax Experts
TIME: 1400 Hrs TO 6 Hrs​
www.wasmeinfo.org

    World Association for Small and Medium Enterprises (WASME) is a global non-profit organization, headquartered at Noida, India, that has been spearheading the cause and development of Small and Medium Enterprises (SMEs) world over since its inception in 1980.

    ADDRESS

    WASME House, Plot No. 4, Sector- 16-A, Institutional Area, Noida, Gautam Budh Nagar – 201301, Uttar Pradesh, India

    PHONE

    +91 120 4216283 / 4216284

    EMAIL

    wasme@wasmeinfo.org