5th SME SAMMELAN GST IMPACT: – SME’S & STARTUP’S (Challenges & Opportunities)

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Bilkulonline.com, Ahmedabad, July 29: The Associated Chamber of Commerce and Industry of India (ASSOCHAM), India’s Apex Chamber of Commerce organized 5th SME SAMMELAN GST IMPACT: – SME’S & STARTUP’S (Challenges & Opportunities) at Hotel Metropole, Ahmedabad.

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The Sammellan was organized to provide a platform for awareness and discuss the opportunities and challenges this sector is facing post GST regime as well as discuss on the various processes like IPO listing, technology up gradation,  Financing,  Government & Banks financial assistance.

The conference marked a benchmark on the various issues related to implementation of GST digitization of the SME and Startups, listing of SME IPOs & other financial aspects for this sector.

R. N. Raval, Joint Commissioner, Department of Industries, GoG, highlighted on the various financial incentive schemes of Gujarat industrial policy 2015 to promote the SMEs & Startup etc… also shared the details of the SME sector to encourage them and urged them to get maximum benefits of the various scheme of GoG. 

 B. N. Mankad, Joint Commissioner of State Tax, GoG emphasized on the positive impact of GST on SME, he discussed on the conceptual aspects, uniformity and simplicity of GST structure. By giving an example of seamless flow of tax credit, he encouraged the SMEs and startup to get maximum benefits of this tax structure. 

Ajay Thakur, Head BSE- SME Platform elaborating on the positive impact of GST stated that post GST SME sector will flourish as it is a simple and uniform tax. He said that SME sector contribute 60 % of the GDPs and backbone of Indian economy. He said disruption will come as an obstacle in a growth of SMEs but this sector will have to overcome these hurdles and prosper to become large scale enterprise. He emphasized to get venture into equity market. In his concluding remarks he said that equity is mother of all funds. 

Jyoti Prakash Gadia, Managing Director, Resurgent India shared his views on the issues and difficulties faced by the entrepreneur and startups, he shared the statistics of total number of MSME vis-a-vis gap of total no of SMEs. He elaborated on the issues of working capital arbitrage process, and issues related to tax compliance post GST. He also suggested the participants to list down the issued faced by SME and start up post GST and present their recommendation to the competent Govt. authority to promote ease of doing business. 

Pramod Kumar Vijayvargia, DGM, SIDBI said that the SME sector should adapt to the new technology and with the implementation of GST in the long run this sector will become more competitive in the long run. It will facilitate ease of doing business with the simple tax regime. The new tax regime will help the small scale industries to grow into the large scale industries. The various financial schemes for SMES growth will be discussed in the technical session.