As per reports, K Subbarayan, CPI MP said that CPI is in the process of preparing a memorandum on the GST requirements for the MSME sector, which is at present feeling the pinch of higher tax rates. He added, ‘the memorandum will be submitted to the government by all the MPs elected from Tamil Nadu.’
The CPI leader governs the Tirupur constituency which is a hub for MSME and Knitwear industries. Subbarayan also said that the Micro, Small and Medium Enterprises (MSMEs) sector was affected to a great extent due to the higher GST rates in India.
He pointed out that in the state of Tamil Nadu, more than 50,000 industries have been closed in the last two years. Subbbarayan also questioned the centre on the status of MSME in the country after introduction of GST, as there were reports that more than six lakh industries were shut.