Changing rules of business post GST worry MSMEs

Concerns over new tax, accounting norms overshadow those about stricter compliance, higher costs

Most MSMEs are worried over the govt's decision to reduce tax exemption limit from Rs 1.5 crore to Rs 20 lakh, and to phase out CENVAT credit from September

Micro, small and medium enterprises (MSME) are trying to assess the full extent of the goods and services tax (GST) regime over their businesses, as some crucial rules of operation are still unclear.

Though the government has unveiled GST rates of a significant number of items, a majority of companies in the sector are worried about the new accounting and taxation norms