Relief for SMEs welcome, but may shrink the tax base, break value chain

The Goods and Services Tax (GST) Council in its 32nd meeting has provided major relief to Small and Medium Enterprises (SME's) , who have been vocal about their challenges after introduction of GST, for quite some time. Prior to the introduction of  GST in July 2017, the  Excise Exemption threshold of Rs.150 lakh ensured that manufacturers below that limit need not maintain detailed tax…