GST bill in the first place has caused the issues to traders and the post gives solution to those issues.
GST introduction in India has not only put consumers in confuse formed a universal swing among. Equally important,few commodities are charged more than the earlier tax system and few others become cheaper.
Additionally;Few think it’s good for the economy as it encourages the investment, and few thinks it’s like disturbing the clear water in a pond as it disturbs the age old tax system.
With an account for huge country with higher population, which also still remains prompt on the traditional methods for accounts. GST uniquely created confusion as well.
Traders are facing the difficulties to maintain their accounts. with respect to GST, they are facing the extreme difficulty consequently to overcome from the decades old tax system of India.
GST is an indirect tax system to replace taxes levied by the central and state governments. In this system, taxes are directly put on customers (such as sales tax, per unit tax, value added tax (VAT). It is collected by the intermediary (such as a retail store) person,who additionally bears the ultimate economic burden of the tax (such as the consumer). The intermediary files a tax return and forwards the tax to the government with the return.
This system puts a burden on the traders; who were adjusted to direct tax system for years. Now they has to put the maximum efforts to maintain the records and to file the taxes.
For anybody, change is never easy, effort is mandatory to adapt to the changes
Lack of awareness on GST and Industry regulations
Registration in every states; where, operations are carried on is requirement which is leading to the burden of compliance.
Less clarity in transition is common as it is about to come in mid of the year. This which will create the confusion on various provisions as well.
Keeping petroleum product out of GST creates problems for some industry’s which are largely dependent on the petroleum products.
The solution to many problem looks very simple after the problem is tackled. The country is heading towards the cashless transaction . Digital transformation became inevitable for the taxpayers.
One may again ask the cost and maintenance of digital trade and the need of expertise to operate digital needs.
Traders can opt for easy-to-work software’s like point of sale. Software cut their maintenace work so that the work flow remain smooth throughout the trade activities.
Software’s helps automation of the billing and transactions. POS eliminates the burden of filing the taxes and makes each businessman to stay updated in the GST era.
With the introduction of indirect tax revelation GST in India causing a relative disturbance in merchants, accustom to the old tax system and traditional trading system creating a tension in sellers to get adjusted to GST.
Lack of awareness and clarity in transitions augmenting their issues.
With country slowly heading towards cashless transactions going digital can be ultimate solution, but there can be worry of adjustment and expertise.
Opting for software’s that are easy to operate and can automate the process of tax filing can be the solution to stay update in GST era.