Finance Minister Nirmala Sitharaman would present the 2022 Budget in which the MSME sector urges Govt. to treat online and offline sellers alike by providing a unified policy.
New Delhi: As the countdown to Budget 2022 begins, the MSME sector urges Govt. to treat online and offline sellers alike by providing a unified policy and extending the GST threshold limit to online sellers too.
Noting that reducing compliance (GST) burdens and registration norms for online players would go a long way in enabling digitization of MSMEs, the industry body Federation of Indian Micro and Small and Medium Enterprises (FISME) has said that the regulatory framework should focus on enabling parity between offline and online sellers.
Further, it stated that the move would encourage small sellers to join the digital economy and pursue growth.
FISME has also called for cutting down project implementation time and cost by employing the ‘Plug and Play’ model.
The trade body has asked for strengthening ease of doing business through the introduction of the ‘Single Window System’ for MSMEs by ensuring regulatory clearances, streamlining procedures, rules, and regulations to help businesses grow.
The single window system would ensure access to multiple official formalities through a single point of contact. It will reduce cost, delays, and turnaround time of documentation processes.
FISME further noted that the development of Information and Communications Technology (ICT) should incorporate the rise of IT in the country into the MSME ecosystem through the creation of online portals for formalities, regulatory filings, the portal for collaboration amongst various governmental departments, knowledge dissemination, and market promotion for MSMEs.
FISME has said, “This will enable interaction with global investors and the network of experts assisting the department in implementing its policies.”
Finance Minister Nirmala Sitharaman would present Union Budget on February 1, 2022.