According to a recent survey, it has been found out that more than half of the Indian businesses are not yet GST-ready. The Goods and Services tax (GST) was introduced in India in July 2017, and since then, businesses have been struggling to comply with the new tax laws. The survey found that 57% of businesses are still struggling to adopt the new tax laws.
The survey was conducted across 23 Indian states and covered businesses of various sizes. The results of the survey indicate that the GST Council needs to do more to educate businesses about the new tax laws and provide them with the necessary tools to comply with the regulations. The survey also found that small and medium-sized businesses are the most affected by the new tax laws.
The GST has replaced multiple taxes such as service tax, VAT, and excise duty, and businesses are required to file multiple returns under the new system. Businesses need to maintain proper records and ensure that they comply with the new tax laws. The survey found that businesses are struggling with the following:
The GST Council has been taking steps to address these concerns, and the introduction of the GST e-invoicing system is one such step. The system has been introduced to make the invoicing process easier for businesses and to ensure that they comply with the new tax laws.
The survey found that small businesses are the most affected by the new tax laws. These businesses typically have limited resources and struggle to comply with the new tax laws. The government has recognized the challenges these businesses face and has introduced several measures to support them.
The government has introduced a composition scheme for small businesses with an annual turnover of less than Rs. 1.5 crore. Under the scheme, businesses can pay a fixed tax rate based on their turnover and file quarterly returns instead of monthly returns.
The government has also extended the deadline for filing of GST returns for small businesses. Businesses with an annual turnover of less than Rs. 5 crore can now file their returns quarterly instead of monthly.
The introduction of the GST has been a significant change for businesses in India, and it will take time for them to fully comply with the new tax laws. The survey highlights the challenges that businesses are facing and the need for more education and support from the government.
While the government has introduced several measures to support businesses, more needs to be done to ensure that businesses can comply with the new tax laws. The government should continue to engage with businesses and listen to their concerns to ensure that the GST system is a success.
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