PJAEE, 17(7) (2020)

THE PERFORMANCE OF MSMES DURING PRE AND POST

IMPLEMENTATION OF GST
1
Dr. Challa Madhavi Latha, 2Dr. K. Siva Nageswararao
1
Dr. Challa Madhavi Latha, Corresponding author, Assistant Professor, Dept. of CSE, CMR College
of Engineering & Technology, Kandlakoya, Hyderabad, Telangana, India.
2
Dr. K. Siva Nageswara rao, Assistant Professor, Department of Management Studies, Vignan
Foundation for Science, Technology & Research, Guntur, Andhra Pradesh, India.
Email: 1saidatta2009@gmail.com, 2ksnr.vignan@gmail.com,

1Dr.Challa Madhavi Latha, 2Dr. K. Siva Nageswararao The Performance Of Msmes

During Pre And Post Implementation Of Gst– Palarch’s Journal Of Archaeology Of
Egypt/Egyptology 17(7) (2020). ISSN 1567-214X

Keywords: MSMEs, GST, Indian Economy, GSTN, GDP, RBI.

Abstract:

Micro, Small, and Medium Enterprises (MSMEs) sector in India has a special significance for the
economy in terms of wealth creation and employment generation. This sector is expected to offer
more employment opportunities by 2020. It has become an important component of the Indian
Government’s flagship programs such as ‘Make in India’ and ‘Skill India’. The advent of Goods and
Service Tax (GST) posed a serious challenge to the consequent performance of MSMEs in particular
and the economy in general. The ambiguity over the GST is continuing even after two years of its
implementation. Many researchers are of the opinion that the introduction of GST brought about a
fresh wave of challenges particularly in the informal sector. Non-preparation for the perfect launch,
poor infrastructural facilities and delays in receiving Input Tax Credit directly affected the MSMEs
sector. Further, the advent of GST also affected logistic management to a great extent where small
traders acted as suppliers of raw material to big business houses. Some researchers have opined that
GST has left a positive impact on the performance of MSMEs in terms of ease of doing business, tax
reduction on new business, improvement of both logistic and transport services, and elimination of the
difference between goods and services. In this paper, an earnest attempt is made to analyze the impact
of the introduction of GST on the performance of MSMEs in the Indian Economy. The study is
divided into three sections. Introduction, review of literature, objectives, and research methodology
are discussed in the first section. The performance of the MSMEs during pre and post introduction of
GST is reported in the second chapter. The last chapter ends with the summary and the conclusion of
the study.

Introduction
Over the past five decades Micro, Small and Medium Enterprises
(MSMEs) sector has become known to everybody as one of the dynamic and
vibrant sector of the economy (Alam, 2009; Chandra, & Pareek, 2014),. Its

4302
 PJAEE, 17(7) (2020)

contribution to the economy is immense in terms of economic and social

development by strengthening entrepreneurship in the country and generating
large number of employment opportunities to the youth at lower capital cost
(Chapke, 2015). The MSMEs sector has made its presence across all the sectors
of the economy and it contributes livelihood to the millions next to the
agriculture sector. The landscape of the rural industrialisation owes much to
MSMEs as it is flourished with the blend of traditional skill set coupled with
modern technical know-how (Alam, 2009). This sector produces diverse range
of goods and services to satisfy the needs of domestic and international
customers.
As per the data available, there are about 63.38 million MSMEs in the
country, of which more than half of them are located in rural areas. These small
and medium scale industries have created over 111 million job opportunities
and 29 per cent of the output produced by the nation. Further, this sector
contributes approximately 30 per cent of the country’s GDP and it accounts for
approximately 45 per cent of manufacturing output of total exports of the
nation (Ainin et al., 2015). Further, it contributes more than 40 per cent of the
exports of the country. Total workforce working in MSMEs accounts for 12
crores which occupies second place next to agricultural sector in creating
employment opportunities. Moreover, experts are in the opinion that MSMEs
sector has much potential to grow at faster pace. The National Manufacturing
Policy predicted that the share of the manufacturing sector in GDP may rise to
25 per cent by 2022 from 16 per cent at present. It is interesting to note that
this sector also accommodate a large number of women workers. It is evident
that the MSMEs are very much affected by the denomination in which the
growth of this sector severely arrested as their operations primarily based on
cash. Due to sudden interruption in the cash flows they could not meet their
daily obligations towards working capital.
The advent of GST after demonetisation made MSMEs more
vulnerable as they are adjusting themselves to the new business environment.
Under the GST regime, requirement of personnel with expert knowledge in
dealing with GST accounts compilation forced them to cut their profits further.
In this juncture, the policy makers have come with a couple of schemes to boost
the sector so as to resume the growth to the normal. In the row of these
schemes, the government has come forward with a scheme that offers loan to
them up to the maximum ceiling of Rs. 1 crore in 59 minutes span of time.
Later, the RBI on behalf of government of India announced a new scheme that
allows restructuring the existing MSMEs loans which are defaulted but not
fallen under non-performing assets as on January 2019. Under this scheme the
lenders have keep aside 5 per cent of outstanding loan as a provision over and
above the outstanding amount (Walsh, & Lipinski, 2009). This provision may
allow the lenders to compensate from a probable losses caused by such lending.
The MSMEs sector is over burdened with huge loans since last four years. As
per the SIDBI, total loans, under non-individual MSMEs category, which are
less than Rs. 25 crores, accumulated Rs. 13 lakh crore by the end of September
2018. A study by SIDBI clues that GST introduction had resulted decline in the
relative credit exposure for the most MSMEs during earlier days of GST
implementation but had recovered to its normal by March 2018. The
introduction of GST is expected to have positive impact in the long run with
enhanced infrastructural facilities, ease of doing business and creation of
database of transactions though these structural reforms may lead to disturb the
performance in short run (Noorinasab et. al., 2016). In this juncture, this paper
investigates the impact of GST on the performance of MSMEs in Indian
Economy.

4303
 PJAEE, 17(7) (2020)

Review of Literature
There is ample of literature available on MSMEs. The authors have
tried to present the existing literature on the impact of GST on performance of
MSMEs after introduction of GST. As everybody knows review of literature
allows the researcher to identify the research gap so as to bridge it. The
following paragraphs present the existing literature in the field of study. Behera
and Wahi (2018) have assessed the recent credit dynamics and export
performance of MSMEs. They explained that GST implementation does not
seem to have had a significant impact on overall credit to MSMEs. Further,
they stated that the growth in credit to MSMEs had recovered from the lowest
registered during the late 2017 to reach the mid 2015 level. Furthermore, they
added that MSMEs exports got effected by GST in contrast to credit growth
during the same period. RBI (2019) in its report opined that at present MSMEs
must do multiple registrations with variety of entities such as GSTN, NSIC,
Udyog Aadhaar portal etc that leads to cumbersome registration with
duplication of work. Hence, the Committee has recommended that the
government should make PAN as Unique Enterprise Identifier (UEI) so as to
use it for different purposes like procurement, availing benefits from
government etc. Further, the Committee have had discussion upon the proposed
turnover based definition for MSMEs (Subrahmanya, 2019). The proposed
definition is considered as progressive and suitable in the light of introduction
of GST in which turnover details of enterprises are captured by GST Network
(GSTN) so that turnover declared by GST registered MSMEs units easily
verified through GSTN. Jayasree (2019) in her news paper article expressed
that the MSMEs are very much affected by GST as they had to adjust to a
variety of obligations under GST regime, require them to file numerous papers
for refund on input taxes. Further, she pointed that engaging professional
accountants is expensive as they are small in size and operations comparatively
large scale industries. Moreover, she made some suggestions to help out
MSMEs that the threshold for GST to be raised to Rs. 40 lakhs for MSMEs
sales threshold compulsory companies. She added that the earlier 20 lakh
threshold was instrumental to bring in a large number of MSMEs into GST
network. The tax exemption limit for central excise tax was Rs. 1 crore in 2017
and she recommended to raise it to Rs. 1.5 crore. Jayalakshmi and
Venkateswarlu (2018) opined that under GST any business enterprises whose
turnover is less than 10 lakhs need not register/collect GST. This allows many
small and medium scale enterprises not apply for GST returns. They added that
GST allows MSMEs to do their business at ease due to it less complexity, the
removal of difference between goods and services sector. They have shown
optimistic towards the better performance of MSMEs due to introduction of
GST and they expected that all the problems would go off in long run in turn
Indian MSMEs could compete with cheap cost centres like China, Philippines,
Bangladesh etc. Praveen Kutty (2019) expressed his views in his news paper
article that the replacement of near about 17 different taxes and numerous
cesses with GST made tax filling easy and systematic and streamlined process
(Mayank Aggarwal and Misra, 2018). The new tax has forced the business
houses to adopt digital technology so as to improve business efficiency, he
added. Mohan and Ali (2018) have assessed the implications of GST rollout on
Indian MSMEs and found that many enterprises find difficulty and costly to
adopt GST and it is resulted to slash their profit margins because of their
associated costs. There are several operational problems related GST filling
website, connectivity issues in rural areas and poor feedback mechanism. Their
findings also suggested that there is a positive relation between awareness of
GST structure and profitability of firms.

4304
 PJAEE, 17(7) (2020)

Objectives: The primary objective of the present study is to investigate the

impact of GST on the performance of the MSMEs during pre and post GST
implementation. In addition, there are some auxiliary objectives such as to
study whether the introduction of GST made MSMEs more viable to access the
financial markets, avoiding unnecessary entry restrictions, double taxation,
duplication of waybills or not.
Research Methodology: To reach the predefined objectives of the study it is
intended to make use of secondary data only. The required data has been
collected from different sources. These include periodical reports of RBI on
MSMEs, reports published by ministry of finance and corporate affairs,
journals, magazines, published and unpublished literature in the field of study.
After collection of the data, it is processed, tabulated and interpreted as per the
needs of the analysis. The statistical tools like descriptive statistics are used to
analyse the data. The year 2016-17 has taken as the reference year for the study
as the GST has rolled out on 2nd July 2017. The date has divided in such a
manner before 2016-17 and after 2016-17 so as to capture the effect of GST in
the performance of MSMEs.

Scope and Limitations of the Study: The present study is confined to

investigate the performance of MSMEs during post introduction of the GST.
The study has used only secondary data which may not capture the real picture
of GST impact on the performance of MSMEs. Otherwise, primary data would
have been used so as to capture the real impact on MSMEs’ performance. The
availability of the data sets on GST is very limited. This limitation made
researchers to use very basic statistical tools otherwise some advanced
statistical tools like regression analysis could have been used to predict the
performance of MSMEs more effectively.

Methodology:

As approved by the Union Cabinet, the MSMEs Act 2006 has

redefined according to their annual revenue of business. As per the new
definition Micro Enterprises is an enterprise which has an annual turnover up to
Rs. 5 crore while Small Enterprise is called when its annual turnover falls
between Rs. 5 crore to Rs. 75 crores. Medium Enterprise is an entity whose
annual turnover exceeds Rs. 75 crore but limited to Rs. 250 crore.

After number of deliberations on the floor of Parliament, the long

awaiting Goods and Service Tax (GST) came into existence on July 2 by
replacing a basket of central and states taxes by submersing them into one tax.
The GST framework works on a bunch of predefined principles. As per the
guidelines of GST, the central government levy and collect the Central GST
whereas State GST will be levied and collected by respective state
governments. Integrated GST (IGST) is levied by central government on goods
and services exchanged in interstates. The share of states in IGST will be
apportioned accordingly. The policy makers are expected some benefits to the
economy in long run. These are: (i) all the existing taxes are to be submerged
into one; (ii) multiple state and central taxes are to be removed so that the
dream of one law one country is realised; (iii) Under GST regime, increased
input credit facilitates slash down of tax liability; (iv) Old tax system allowed to
get the refund only on central taxes while the present system allows the traders
to get the refund of State taxes as well. This is expected to boost exports; (v)
the present system is expected reduce tax evasion as all the transactions are
supposed to made through online. This may boost the tax revenue; (vi) the new
tax regime make many companies to restructure their operations as per the
needs of GST law; (vii) the benefits of GST may pass on to the small traders.

4305
 PJAEE, 17(7) (2020)

Overview of MSMEs in Connection to GST

(i) Special Registration Provisions: On the basis of turnover, following MSMEs

are not required to have registration for GST.
a. Persons dealing in intra-sate taxable supply of goods, if his/her combined
turnover in financial year does not exceed the threshold exemption limit i.e., 40
lakh (20 lakh in case of some sates);
b. Persons involved in intra-state taxable supply of services, if his/her combined
turnover in financial year does not exceed the threshold exemption limit i.e., 20
lakh (10 lakh in case of some states) ;
c. Persons dealing inter-state taxable supply of services only, if he/she aggregate
turnover in a financial year does not exceed the threshold limit of Rs. 20 lakh
(10 lakh in case of some states).
(ii) Exemption from Compulsory Audit by CA: In the regime of GST, every
person registered person whose turnover in a financial year exceeds the
prescribed limit is required to audit the books of accounts by CA or Cost
Accountant. But, as a trade facilitation measure, as per the government
notification, the registered persons who have annual turnover upto Rs. 2 crore
are need not audit their books of accounts by the CA or Cost Accountant.
(iii) Financial Support: GST registered MSMEs can get 2 per cent interest
subvention from government for incremental loans of Rs. 1 crore under
MSMEs Scheme.

Discussion

The tax base of the newly registered, number of migrated taxpayers,

number of composite dealers and percentage of tax payers whose turnover is
less than Rs. 5 crore is given in the Table 1. It is interesting to note that in total
tax base those tax payers whose

Table 1: Tax Base

No of New Registrations 1,22,47,629
No. of Migrated Taxpayers 58,48,375
No. of Composition Dealers 17,55,832
Percentage of Taxpayers whose turnover is less 93 per cent
than Rs. 5 Crore
Source: Compiled by author

turnover is less than 93 per cent occupied 93 per cent. It means most of the
MSMEs fall under this category. As it is noted in the introduction part, MSMEs
contribute a lion share to GDP of India. The reference period for the study is 1
July, 2017 which is the date of GST implementation date in India. Hence, it is
thought that the financial year 2016-2017 would be the reference year for the
study.

Table 2: MSMEs Contribution to GDP

Year GDP % of change Output of % of change over % of Share

(Current over previous MSMEs (Rs. previous Year of MSMEs
Prices in Year Crore) in GDP
Crore)

2014-15 1,24,67,959 - 37,04,956 - 29.70

4306
 PJAEE, 17(7) (2020)

2015-16 1,37,71,874 10.46 40,25,595 8.65 29.02

2016-17 1,53,62,386 11.55 44,05,753 9.44 28.90
2017-18 1,70,95,005 11.28 49,49,004 12.33 28.95
2018-19 1,90,10,164 11.20 55,41,463 11.97 29.15
Source: Compiled by author

Table 2 portrays the contribution of MSMES to GDP from 2014-15 to 2018-19.

The GDP and output of MSMEs in absolute terms is continuously progressed
throughout the study period. In terms of percentage, these variables have
exhibited some fluctuations over the period of study. There is an inverse
relationship in the value of GDP and output produced by MSMEs in percentage
terms. The growth rate in GDP is declined from 11.55 per cent (2016-17) to
11.28 per cent (2017-18) and further to 11.20 per cent (2018-19). The growth
rate in the value of output of MSMEs has shown a mixed trend where it
increased from 9.44 per cent (2016-17) to 12.33 per cent (2017-18). But, it
slashed down from 12.33 per cent to 11.97 per cent in the following year. It is
interesting to note that the percentage of share of MSMEs in GDP is exhibited
steady growth rate even after the implementation of GST.

Total number of cases referred, credit guarantee extended, total number

of claims settled for MSMEs are given in Table 3. Total number of cases
referred and credit guaranty extended during 2014-15 are 4,03,422 and Rs.
21275 crore respectively. The highest cases referred and credit extended is
registered in 2015-16 (513978) and 2018-19 (30167) serially.

Table 3Credit Guarantee Extended and Total No of Claims Settled For MSMEs
from 2014-15 to 2019-2020

Total
Credit Number of
Guarantee Claims
Extended Settled
Amount Total Number Amount
Total Number of Claims (Rs. in
Year of Cases (Rs. in Crore) Settled Crore)
2014-15 403422 21275 25948 717.87
2015-16 513978 19949 34812 1002.29
2016-17 452127 19931 39069 1038.19
2017-18 263195 19066 33980 927.12
2018-19 435520 30167 36606 764.21
2019-20 394444 25711 29780 653.31
Source: Compiled by author

There is a sharp decline in the number of cases referred for settlement in the
succeeding year of implementation of GST whilst a slight decrease can be seen
in credit guarantee extended. The same trend can be observed in case of total
number of climes settled and the value of climes settled amount. It denotes the
impact of GST is almost insignificant in terms of credit guarantee given to
MSMEs and their settlement.

4307
 PJAEE, 17(7) (2020)

The role of Khadi institutions is immense in the growth of MSMES.

Table 4 presents the trend in number of No of Khadi Institutions registred,
number of artisans, number of artisans on Aadhaar, value of Khadhi Production
and Sales of MSMEs.

Table 4: No of Khadi Institutions Registred, No of Artisans, No of Atrisans on

Aadhaar, Khadhi Production and Sales of MSMEs

Khadi
No. of Khadi Sales
No. of Khadi No. of Artisans on Production (Rs.in
Financial Institutions Artisans Aadhaar (Rs.in Cr) Cr)
Year
2016-17 2375 455854 NA 1520.83 2146.60
2017-18 2518 465386 225667 1626.66 2510.21
2018-19 2632 495244 275428 1963.30 3215.13
Source: Compiled by author

There is an upward trend in all the variables of the study since the inception of
GST. It means there is a positive impact on Khadi institutions of MSMEs.

Table 5 explains the growth of exports coir and their products during the study
period. The exports of these products are amounted to Rs. 1630 crores during
2014-15 where as they reached to Rs. 2728 crores during 2018-19.

Table 5: Exports of Coir and Coir Products (Rs. in Crore)

Achievement
Particulars 2014-15 2015-16 2016-17 2017-18 2018-19
Exports of Coir and
Coir Product (Rs. in
Crore) 1630 1901 2282 2532 2728
Source: Compiled by author

The data reveals that there is a constant growth throughout the study period
without any interruption. Hence, it may be said that there is no negative impact
of GST on exports of Coir and Coir Products. Deployment of credit is
oxygen for growth and progress of MSMEs in India. The gross bank credit
deployed by banking sector from September 2017 to September 2019 is given
in Table 6. The gross bank credit available for Micro and Small Scale
enterprises as on September 29, 2018 is Rs. 9,94,504 crore and it increased to
Rs. 10,56,600 crore as in September 2019. In terms of year to year percentage
change, there is a positive growth rate in between 2018 and 2019 with 6.24 per
cent. In case of manufacturing enterprises, a negative trend is traced. In terms
of percentage terms, it is -0.68 percent.

4308
 PJAEE, 17(7) (2020)

Table 6: Deployment of Gross Bank Credit for MSMEs (Rs. Crore)

Percentage of
Sep.28, Sep.27, Change over
2018 2019 Sep.27, 2019 to
Sep.28, 2018
Reference period
Micro & Small Enterprise 9,94,504 10,56,600 6.24
Manufacturing 3,63,797 3,61,328 -0.68
Services 6,30,707 6,95,271 10.24
Medium 1,05,256 1,04,989 -0.25
MSME Sector 10,99,760 11,61,589 5.92
Source: Compiled by author

The services sector has exhibited magnificent growth rate with 10.24 per cent
in comparison to its previous year. In contrast to service sector medium sector
enterprise are registered a negative growth rate of -0.25 per cent in the
reference period. The overall MSME sector performed well with a year to year
growth rate of 5.92 per cent during the reference period. Hence, it may be
summed up that the GST implementation hampered credit availability for some
sectors of MSMEs though the overall performance is relatively good.

The outstanding credit to MSMEs sector by SCBs during 2017 to 2019

is depicted in Table 7. The table reveals that there is a significant growth in the
outstanding credit available for MSMEs. It indicates there is no impact of GST
on MSMEs as there is uninterrupted growth is registered during the reference
period.

Table 7: Outstanding Credit to MSMEs by Scheduled Commercial Banks

Year ended Outstanding (in Rs. Crore)

March 2017 1296398.82
March 2018* 1324239.35
March 2019* 1510650.52
Source: Compiled by author

Note: *Outstanding Credit to the MSME sector by Private Sector

Banks for the year ended March 2018 & March 2019 includes credit by
Small Finance Banks also.

The Government of India has adopted cluster development approach in

order to enhance the productivity, competitiveness and capacity
building of MSMEs. The details of the progress under the MSMEs-
CDP program are given in Table 8. The data shows that there is an
increase in projects approved, competed and budget utilized since the
implementation of GST. It means introduction of GST did not have any
negative impact on the performance of MSMEs (Bidja, &Mandizvidza,
2017).

4309
 PJAEE, 17(7) (2020)

Table 8: Projects Approved, Completed and Budget Utilized for MSMEs

during 2017-2019

Budget Utilized
Year Projects Approved Projects completed
(in Rs. Crore)
2016-17 9 10 121.68
2017-18 21 24 157.11
2018-19 36 28 172.73
Source: Compiled by author

Summary and Conclusion

There are mixed opinions on the impact of GST on the performance of

MSMEs. One hand, some are argued that MSMEs are unable to observe
sudden shocks caused by rollout of GST in 2017. On the other hand, there are
people who are argued in the favour of GST and produced an evidence of
positive impact on the performance of MSMEs. In this context an attempt is
made to investigate the impact of GST on the performance of MSMEs. The
study clued that the tax base of MSMEs has increased gradually over the period
of time due to easiness and compliance of GST. Nearly 93 per cent of MSMEs
whose turnover is less than 5 crores for Annam are newly
registered/migrated/composite dealers. The contribution of MSMEs to GDP is
immense. In percentage terms, the value of output of MSMEs and its GDP has
exhibited a mixed trend. The growth rate in GDP and MSMEs is grown during
2017-18 in comparison to reference period, i.e., 2016-17 whereas the same has
declined during 2018-19 to previous year. Interestingly, percentage of share of
MSMEs to GDP exhibited constant growth since inception of GST. Total
number of cases, credit guaranty extended, number of climes settled in relation
to MSMEs shows there no negative impact of GST on MSMEs performance
during the study period. In case of Khadi institutions, there is an unprecedented
uptrend in all the variables. The exports of Coir and Coir products also
exhibited a positive trend throughout the study period. The trend in
deployment of credit by SCBs has shown a mixed trend if you look the
allocation of funds individually for micro and small enterprises, manufacturing,
services and medium enterprises. But the overall performance of MSMEs is not
affected by introduction of GST. The outstanding credit to MSMEs, projects
approved, completed and budget utilized also have exhibited positive trend over
the period of study. Finally, it may be concluded that the role out of GST has
less or a little impact on the performance of the MSMEs during the study
period. Finally, it may be concluded that the role out of GST has less or a little
impact on the performance of the MSMEs during the study period. Further, it
may be understood that the implementation of GST is enabled the MSMEs to
access the financial markets easily by avoiding unwanted entry restrictions,
double taxation etc due to its uniformity across the county.

References:

[1] Ainin, S., Parveen, F., Moghavvemi, S., Jaafar, N.I. and MohdShuib, N.L.
(2015), Factors influencing the use of social media by SMEs and its

4310
 PJAEE, 17(7) (2020)

performance outcomes, Industrial Management and Data Systems, Vol. 115

No. 3,pp. 570-588.
[2] Alam, S.S. (2009), Adoption of internet in Malaysian SMEs, Journal of Small
Business and Enterprise Development, Vol. 16 No. 2, pp. 240-255.
[3] Behera H and Wahi G (2018), “How have MSMEs Sector Credit and Exports
Fared?” Reserve Bank of India
[4] Bidja, A. B., & Mandizvidza, K. (2017), Strengthening enterprises growth and
effectiveness in developing economies. A case of very Small, Small and
Medium-sized Enterprises in Cameroon. IOSR Journal of Business and
Management (IOSR-JBM), 19(3), 19-27.
[5] Chandra, A. &Pareek, V. (2014), Regulatory barriers to micro, small and
medium enterprises. Centre for Civil Society.
[6] Chapke, S.G.(2015), Role of Micro, Small Enterprises in Employment
Generation inVidarbha Region. International Journal of Social Sciences &
Humanities (IJSSH), Volume1 Issue 1 April 2015, ISSN (Online) 2395-5996.
Retrieved from
http://www.lrtspark.com/uploads/3/5/8/3/3583523/Spark_first_issue_after_issn
_online_2395-5996_6-9.pdf.
[7] Jayalakshmi, M and Venkateswarlu, G (2018), “Impact of GST on Micro,
Small and Medium Enterprises (MSMEs)”, International Journal of
Engineering and Management Research”, 8(2),91-95.
[8] Jayasree, Sengupta (2019), “ Why Government Should Give Immediate
Attention to MSME Sector?” retrieved from https://www.orfonline.org/expert-
speak/why-govt-should-give-immediate-attention-to-msme-sector-47311/
[9] Mayank Aggarwal and Misra (2018), Asit Govt changes definition of MSMEs,
bases it on annual revenue[Report]. - [s.l.] : Hindustan Times, 2018.
Articleavailable online at https://www.hindustantimes.com/india-
news/govtchanges-definition-of-ms mes-bases-it-on-annualrevenue/story-
ko7QpcvlYElqrrk724FmiN.html.
[10] Ministry of Micro, Small and Medium Enterprises, Annual Report of MSME,
Government of India, 2018-19.
[11] Mohan, V. and Ali, S. (2018) Assessment of the Implications of GST (Goods
and Services Tax) Rollout on Indian MSMEs. Theoretical Economics Letters,
8, 3567-3580.
[12] Noorinasab, R. A Farajollahzadeh, G.,.,&Yazdanpanah, B. (2016). Role of
MSMEs inEconomic Growth of India. International Journal of
Multidisciplinary Research andModern Education (IJMRME) ISSN (Online):
2454 - 6119 Volume II, Issue I. Retrievedfrom:-
http://rdmodernresearch.org/wp-content/uploads/2016/03/160.pdf
[13] Praveen, Kutty (2019), “GST: A Perfect Tool for SME growth” retrieved from
https://economictimes.indiatimes.com/small-biz/sme-sector/gst-a-perfect-tool-
for-sme-growth/articleshow/68125258.cms
[14] Priyadarshani, Zanjurne (2018), Growth and Future Prospects of MSME in
India, International Journal of Advanced Engineering, Management and
Science (IJAEMS) Vol-4, Issue-8, https://dx.doi.org/10.22161/ijaems.4.8.5.
ISSN: 2454-1311.
[15] RBI (2019), “Report of the Expert Committee on Micro, Small and Medium
Enterprises”, .
[16] Romano, C. and Ratnatunga, J. (1995), The role of marketing: its impact on
small enterprise Research, European Journal of Marketing, Vol. 29 No. 7, pp.
9-30.
[17] Subrahmanya, B. (2019). Small-Scale Industry Development for Export
Promotion: India’s Experience Under Liberalisation. Micro and Small
Enterprises in India: Era of Reforms, 46-66.

4311
 PJAEE, 17(7) (2020)

[18] Walsh, M. F., & Lipinski, J. (2009). The role of the marketing function in small
and medium sized enterprises. Journal of Small Business and Enterprise
Development, 16(4), 569-585, Doi:10.1108/14626000911000929.

4312