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News Detail


Friday, April 28

After the president assent on the four GST Bills, the biggest tax reform of the country is set to be rolled out from 1st July, 2017. The implementation of GST may not be very smooth. Some of the practical challenges that may be faced by all, whether small or big vendor are:- 1. Increase in the compliance costs. Also businesses will have to brace themselves for penalties. 2. For units located at remote places, filing returns online may be a challenging task in absence of internet connections. 3. Hiring of professionals & buying softwares for compilations of the transactions details to get refunds might become a necessity of the hour, adding to the overhead costs. 4. Filling & filing multiple forms every month. Basic returns for a single GSTIN could be 37 in a year. 5. With 100% digitalization, risk of cybercrimes, threat to data privacy, leak of information, other technical glitches may rise. The new tax regime could be a “game changer” for the economy but may be fraught with “difficulties”. However, with the stabilzation of the system and the streamlining of the processes, these challenges will fade out.