Explained: GST Council's decisions and their impact on small business

The 32nd Goods and Services Tax (GST) Council meeting addressed most of the issues outlined by states and Union Territories (UTs) for the micro, small and medium enterprises (MSME) sector. These include a hike in the turnover threshold, introduction of a cess in Kerala to raise funds for flood relief, and extension of the composition scheme (alternative for paying tax rather than GST) to service-sector MSMEs.
 
However, CRISIL Research believes the impact of these decisions on the MSME sector would be low to moderate at best, considering that the GST is only a part of their woes. The bigger