The All India Manufacturers’Organisation (AIMO) has asked the Centre to postpone the implementation of goods and services tax (GST) to October 1, as the industry has no time to prepare for the new tax regime.
The organisation had, in January, released a study that said the country’s micro, small and medium enterprises (MSMEs) were expected to witness a 60 per cent dip in employment, besides incurring a revenue loss of 55 per cent before March, 2017. The decline was seen as an impact of the demonetisation drive undertaken by the Centre since November 8.
According to the manufacturers’ body, a majority of the companies in the sector are limping back to normalcy post demonetisation and the proposed GST rollout on July 1 does not allow them enough time for transition into a new tax structure.
via Need more time to prepare for GST rollout, says manufacturers’ body | Business Standard News
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