Surat : Over one lakh retail-wholesale traders in the city are all set to gain huge benefits under the Goods and Service Tax (GST) following their conversion under the Micro, Small and Medium Enterprises (MSME).
Sources said that the small retailers converted to MSMEs will be benefitted from the government schemes.
The Confederation of All India Traders (CAIT) has long been demanding the inclusion of small traders under MSMEs. Until 2017, small traders were included under MSME category, but were excluded after the implementation of GST.
According to an estimate, small shopkeepers employ an estimated 400 million people in the country. The industry has an annual turnover of Rs 115 lakh crore. Although all these traders were registered in GST, they did not get the benefit of government schemes. Now with the inclusion under MSMEs category, these traders will also be able to take financial advantage.
Pramod Bhagat, President, CAT Gujarat Chapter told TBT, “About 1 lakh traders in Surat will get MSME status. They will be able to take loans easily from banks. This is a milestone decision of the government and that it will benefit the traders’ community at large”
The Federation of Surat Textile Traders Association (FOSTTA) has welcomed the government’s decision. It also appealed the traders to register under MSMEs immediately.