Tag Archives: small businesses

CHENNAI/NEW DELHI: Ahead of a crucial meeting of the GST Council starting Wednesday, finance minister Nirmala Sitharaman on Tuesday said the proposed rollout of next generation reforms in eight-year-old indirect tax will make an economy absolutely open and transparent and further lower the compliance burden, helping small businesses thrive.At an event organised by City Union Bank, she pointed to the …

MUMBAI: An SBI report has cautioned that aggressive tax enforcement targeting small businesses could undermine the gains of formalisation under the GST. In a research note, the bank cautioned that such measures risk pushing informal players back into the cash economy. “A recent case from Karnataka illustrates this tension, where numerous small traders and shopkeepers in Bengaluru have received disproportionately …