GST to improve ease of doing business: Jaitley

Business Economy Finance
(Last Updated On: August 12, 2016)

Union Finance and Corporate Affairs Minister Arun Jaitley said that the Goods and Services Tax regime, once implemented, will improve the ease of doing business in the country.

Mr. Jaitley, who was speaking after launching two new initiatives for entrepreneurs by the ministry of micro, small and medium enterprises (MSME), said the NDA government is committed to making such enterprises more competitive and providing them access to capital.

Starting this year, the census of MSME units in the country will be done online instead of relying on physical surveys with the intention of creating a comprehensive database with real-time information on different enterprises. This database will eventually be used for public procurement purposes and would also be used by public sector enterprises to scale up their purchases from small enterprises.

MSME databank

Union MSME minister Kalraj Mishra said that the databank could become a “one-stop source of information on small enterprises, including their credit and technology requirements as well as raw material and marketing needs.” The minister added that no grant or subsidy will be given to any MSMEs unless their data is captured on the new MSME databank.

Separately, an online finance facilitation web portal was unveiled by the National Small Industries Corporation that provides credit support to MSME units for raw material purchases.

The portal will allow the MSMEs to apply for loans from the various banks.

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