New Delhi, June 23: A summit was held yesterday. The CII had conducted Summit titled 'Breaking Barriers to Excellence: Unlocking Hidden Potential'for MSME industry.
The main aim of the summit was to review the preparedness of medium and small scale industry for the adoption of GST. The government is all set to roll out the new tax regime from July 1. Government officials were present yesterday and they have given some suggestions to industries regarding the adoption of the new tax system.
Officials said that there would be some challenges faced by industry during initial stages but there would be huge opportunities for industries to grow when the transition period is over.
Finally, the MSME industry Association has thanked the government for conducting such review meetings and giving them a helping hand for migration into Goods and Services tax. Let's hope that Industries prepares itself for GST so that the transition would be smooth.