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IMPACT OF GST ON STARTUPS

Friday, April 28

Indian startups have welcomed the passage of the GST regime with the belief that GST will simplify conduct of business. It will: • Simplify taxation in long term • Reduce cross border inefficiencies between states • Increase compliances • Startups providing services will benefit from exemption limit that has been raised from current Rs.10 Lacs to Rs. 20 Lacs • Reduction in anomalies of different prices of goods across different states • Offsetting total tax liability against tax paid on expenses • TCS for online market places will ease business for sellers • Delivery of goods is likely to be faster and cheaper as transportation will shift back to the road then air being used currently • Heavy taxation and paperwork in state border movement shall reduce • Ease in warehousing locations. Currently warehouse locations is kept in accordance with the state taxation. With GST coming up, the country will be one without any tax boundaries.

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