Mumbai, June 29: As July 1 approaches there is a tension growing among the people. A Survey was Conducted by Yes Bank regarding the preparedness of these sectors for GST. They have concluded the following
* one in every 2 MSME owners is not aware of GST and its
impact on their business.
* 9 out of 10 small scale industries are not even aware of
the changes that are required under the new tax regime.
So in order to reduce the above problems, Yes Bank along with Yes Global Institute has launched some tailor made products for MSMEs. The bank said that micro, back small and medium scale industries approach their Chartered Accountants, Business Associates and media for information regarding GST.
Sumit Gupta, Group President of Bank has said that "we have partnered with Cleartax, an online e-filing portal, guidance and we will offer following services
* Expert guidance GST for creating awareness.
* Business segment-specific impact.
* Business cost and working capital (tax amount, service costs & charges, filing costs, time investments).
* Business processes (invoicing, bookkeeping, collaboration, GST scores).
* A dedicated phone number to address their doubts on GST.
* GST ready current account in partnership a fintech startup.
* GST ready Invoicing and cash management solution.
* GST Ready Working Capital Management will help industries to maintain working capital.
* Yes GST Learning Series for 20,000 plus bank employees.
The bank has said that it would help at least 1 million MSMEs in coming six months.Let's hope that MSME uses this opportunity and migrate to new tax regime.