Memorandum Getting Ready on GST Rates to Save MSME Sect: CPI MP
MP-elect K Subbarayan claimed that more than 50,000 MSME industries were shut down in the last two years due to the higher GST rates in India.
Representative image. (Reuters)
Coimbatore: The Communist Party of India(CPI) is in the process of preparing a memorandum on the GST requirements for the MSME sector, which is feeling the pinch of higher tax rates, the party MP-elect K Subbarayan said on Saturday.
The Micro, Small and Medium Enterprises (MSME) sector was seriously affected due to the higher GST rates in India, particularly Tamil Nadu, where more than 50,000 industries were closed in the last two years, Subbarayan claimed.
The CPI leader had won from the nearby Tirupur Constituency, a hub for MSME and Knitwear industries.
Subbbarayan asked whether the Centre was ready to come out with a 'whitepaper' on the status of MSME in the country after introduction of GST, since there were reports that more than six lakh industries were shut.
The memorandum will be submitted to the government by all the MPs elected from Tamil Nadu, he added.
Subbarayan, who is also the Deputy Secretary of the Party in Tamil Nadu, reiterated the CPI's stance on exempting the State from the National Eligibility-cum-Entrance Test (NEET).
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