New Delhi, May 26 -- The number of micro, small, and medium enterprises (MSMEs) with Goods and Services Tax (GST) registration is set to rise after the Central Board of Indirect Taxes and Customs (CBIC) asked its officials to relax scrutiny for such businesses, according to two people aware of the development.MSMEs contribute around 30% of India's GDP.

CBIC's move comes after MSMEs raised concerns about excess and non-uniform scrutiny in the registration process during stakeholder consultations with the MSME ministry and CBIC, the people said.After the meeting, CBIC asked its registration officials to reduce physical verification and complete the process in seven days if the business is not found to be risky during the common analysis. ...