4th May 2017
Drafting rules on various aspects under GST will bring more transparency. It will also maintain records of different entities involved in every transaction. But, this will lead to making the job more tedious. It also means higher cost of compliance.
A Report has come that tax evasion in India is a serious problem. Finance Minister declared that only 1.72 lakh are showing their income as income more than Rs50 lakh. Things taking into of last five years, more than 1.25 crore cars have been sold, and a number of Indian citizens. Most of the Indian citizen have flown abroad, either for business or tourism, is 2 crore in the year 2015.
The government has the plan to tackle these by implementation of the good and services tax (GST). It is expected that both companies and distributors will have to pay GST at the time of dispatch of stock even if supplied to own warehouses. It would pinch small and medium enterprises (SMEs).
According to the law, a not only cost of compliance is not just going to go high but also small and medium businesses are going to be in deep trouble.There is a need of uploading each invoice on a regular basis. In this case, an accountant may have to be designated which small businesses may not be able to afford, added some tax experts.
GST Suvidha Providers has been licensed for a smooth transition, a slew of accounting and tax firms have been operating as licensed. It will help businesses to comply better with GST processes and depend on the kind of product or service.
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