GST E-Invoicing and Quality Control Norms Impacting MSMEs: Weekly Roundup
Micro, small, and medium enterprises (MSMEs) play a pivotal role in India's economy, contributing around 30% to the GDP. This week, the government's announcements concerning MSMEs have garnered substantial attention. From the enforcement of GST e-invoicing to the establishment of quality control norms in the footwear manufacturing industry, these developments have elicited mixed responses from the MSME community.GST E-Invoicing Mandate:Effective August 1, 2023, a significant change is set to reshape how businesses operate in India. The Central Board of Indirect Taxes and Customs has issued a directive that mandates e-invoicing for businesses with an aggregate turnover of Rs 5 crore or more. This move, aimed at fostering greater transparency and efficiency in the tax system, necessitates businesses to generate e-invoices for all B2B transactions, including exports, made during the previous…