Rationalize GST for Small and Medium Enterprises
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It's over 2 months since the advent of GST and nothing is happening as expected earlier. Small businesses have to spend a lot of time in the compliance, and they do not have the necessary bandwidth.
I propose that for Small and Medium Enterprises with less than 5 crores Turnover:
1. RCM (Reverse Charge Mechanism) Provisions be done away with.
2. Quarterly returns with monthly GST payment be brought in.
3. Matching of Invoices of Buyer and Seller be done away with.
This will bring in a lot of relief and free up time for the business owners to concentrate on the business rather than compliances.
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