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GST rates to be rationalised soon


Mr Shiv Pratap Shukla, Union Minister of State for Finance, has said that the GST Council is working towards rationalising GST rates. He added that a big announcement from the government regarding GST is imminent. He was speaking at the 7th edition of Delhi SME Finance Summit organised by the Confederation of Indian Industry (CII) here recently.


The Minister stressed that the government is working to promote the growth of SME, recognising its importance to the economy, including in output, employment and exports.


The summit bridged the gap between SME borrowers who need capital to sustain or grow their businesses and lenders such as public and private banks, NBFCs and Fintechs. Live counters were put up at the summit and many soft approvals for loans were given to SMEs based in Delhi.


Mr Rahul Chaudhry, Co-Chair, Committee on MSME, CII Northern Region, and Chief Executive Officer, Servel India Ltd, said, "CII’s target is to boost the contribution of SMEs in the manufacturing sector from current 15 per cent to 25 per cent of the GDP by 2022 and amplify SMEs contribution to India’s GDP from current 8 per cent to 15 per cent by India @ 75."


Mr Abhimanyu Munjal, Vice-Chairman, CII Delhi and Joint Managing Director and CEO, Hero FinCorp Ltd, said, "A major chunk of SMEs rely on traditional ways and they are lagging behind their competitors and global counterparts… If India has to maintain the path of growth it is on, technology adaption will have to be rapid."


Source: Exim News Service - New Delhi, June 12


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