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The India SME Forum has expressed concern that Micro, Small, and Medium Enterprises (MSMEs) in India are facing increasing financial strain due to the Integrated Management System (IMS) mandate, which adds u20b91.5 lakh to their annual compliance costs. The Forum recommends a phased implementation of the mandate, as MSMEs face significant operational and financial challenges in adopting IMS. A gradual approach would allow small businesses to adapt without experiencing major disruptions. This PDF explores how Gen GST, in conjunction with IMS, can help MSMEs overcome these challenges.
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