Expediting the implementation of GST relaxation will help small businesses: CEO

NT Correspondent

Bengaluru: The Union Budget for the year 2023-2024 will be presented on the 1st of February 2023. On the eve of the budget, e-commerce giant, Bengaluru-based Meesho’s founder Vidit Aatrey, spoke on industry expectations. “The Budget for 2023 gives the government the chance to push the MSMEs into the fast lane, constructing a proactive approach to transform the smaller business economy.

Firstly, the government can aid working capital-commerce commerce supplies by reducing the GST on input services and logistics and facilitating refunds that have accumulated from the input tax credit. About 2.9 lakhs sellers on Meesho dealt in products that attracted a greater than 18 percent GST with an input tax credit accumulation of Rs 265 cr," Vidit Aatrey, Founder and CEO of Meesho informed.

Meesho is one of India’s fastest-growing internet commerce (e-commerce) companies, Vidit said, while laying out their pre-budget expectation quote on behalf of the team. He said by expediting the implementation of GST relaxation norms for smaller businesses, will empower and allow a large number of them to realise their maximum potential in the process.

“The government can leverage the unmatched Indian Postal services and the Indian Railways can help MSME prospects to meet the standards of the e-commerce venture, fulfilling demands coming from small towns and villages in a reliable fashion, which gives a way for healthy competition, “ he informed.