New Delhi: As countdown to Budget 2022 begins, MSME sector has urged the government to treat online and offline sellers alike by providing a unified policy and extending 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 digitisation of MSMEs, 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 ‘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 development of Information and Communications Technology (ICT) should incorporate the rise of IT in the country into the MSME ecosystem through creation of online portals for formalities, regulatory filings, portal for collaboration amongst various governmental departments, knowledge dissemination, and market promotion for MSMEs.
“This will enable interaction with global investors and the network of experts assisting the department in implementing its policies,” FISME has said.
Finance Minister Nirmala Sitharaman would present Union Budget on February 1, 2022.