President of Coimbatore District Small Industries Association M.V.Ramesh Babu met Finance Minister Nirmala Sitharaman on Saturday in Chennai, and shared with her several issues faced by Manufacturing Sector and MSMEs.
The Association brought to the attention of the finance minister that MSMEs don’t get access to short term unsecured loans easily, and it sought the intervention of government in aiding MSMEs to receive easy access to funds. CODISSIA President represented the various issues MSMEs faces with regards to Banks and Financial Institutions.
CODISSIA suggested that the govt should increase the turnover limit for registration and taxability under GST from Rs. 40 lac to Rs. 1 crore for supply of goods and Rs.20 lac to Rs. 60 lac for supply of services.
As job work amounting to manufacturing was exempted from Service Tax in previous regime, the govt should continue the same policy and provide exemption for the services rendered by job workers.
The association also sought revisions in collection of tax under the composition scheme by Service providers, it asked for the widening of eligibility for input tax credit, reduction in GST rates for cement and automobiles, reduction in tax liability for bad debts, etc.