FLO Kolkata, led by the Chairperson Ms. Nidhi Jhunjhunwala, organized a virtual event on the occasion of World MSME Day, attended by 50 members. The event aimed to educate members about Micro, Small, and Medium Enterprises (MSMEs) about their tax obligations and the importance of compliance in sustaining business growth.
Ms. Mamta Binani & Mr Harsh Gadodia from the fields of taxation, law, and finance provided insights on GST, income tax, and various government schemes available to MSMEs. They used a PowerPoint-style breakdown and clear slides to make MSME and GST easy and simple.
Key Topics Covered in the sessions were –
- MSME Classification & Registration- Explained new MSME definitions. Revised Definition (based on turnover and investment): Tax Compliance Essentials. Government Support for MSMEs. Subsidy schemes, collateral-free loans, and incentives.
- GST: Registration limits, return filing (GSTR-1, 3B), and composition scheme. Mandatory registration if turnover exceeds the threshold. Composition scheme options for small taxpayers.
- TDS/TCS: Applicability, deduction rules, and return timelinesA fair and friendly tax ecosystem helps MSMEs thrive by reducing compliance burdens while encouraging growth and innovation, as summarised by both Ms. Mamta Binani and Mr. Harsh Gadodia.