22.What is the turnover limit for GST registration?
₹40 lakhs for goods and ₹20 lakhs for services (₹10 lakhs in some NE states).
23.Is GST beneficial for MSMEs?
Yes, due to Input Tax Credit and better market access.
24.What is the Composition Scheme under GST?
A simplified tax scheme for small taxpayers with turnover up to ₹1.5 crore.
25.Do MSMEs need to file income tax?
yes, based on their profits and business structure.
26.What is presumptive taxation for MSMEs?
Under Sec 44AD/44ADA, small businesses and professionals can pay tax on presumed income.
27.Are there special tax benefits for MSMEs?
Yes, including concessional tax rates and deductions.
28.What is e-invoicing and who must comply?
Mandatory for businesses with turnover above a certain threshold.
29.Is TDS applicable to MSMEs?
Yes, depending on the nature of payments and thresholds.
30.How can MSMEs maintain compliance easily?
Use of accounting software, hiring professionals, and following deadlines.