There has been made an amendment in the definition of MSME which is now turnover basis. The State Bank of India had appreciated the decision made by Central Government as now the under the new tax regime, turnover declared by GST registered MSME units can be easily verified through GSTN (Goods and Service Tax Network).  Dr SoumyaKantiGhosh, Group Chief Economic Adviser, State Bank of India (SBI) had said that this definition is progressive and suitable and would become more transparency. She had further said that as on March’20 around Rs 14 lakh crore is outstanding to the MSME sector, which translates into Rs 2.80 lakh crore immediate credit boost.
SBI explains how turnover-based MSME definition will help GST mechanism, transparency and more
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