It is a noticeable fact that the total number of returns filed under the GST Act since its implementation is only around 46%, that too out of the total registered taxpayers under the new taxation regime. Hence, the GST to kick in properly and the compliance to gain an acute rise will take some time. But it does not mean that your business is going to suffer. The GST Council willing to be flexible and making efforts to develop and improve the new taxation regime is more than anything you could ask for from the government at this crucial time.
In addition to the government ready to make the GST better, the implementation of the e-way billing system will also make the taxation process and reduce the tax evasion to a great extent. So far, the blame game is going on over finding the felon who made the return filing under GST so complicated. Well, no one could find that person but amidst all the mayhem, a ray of hope arose.
A better suggestion
While the businesses were suffering from the partial inability to comply with the GST returns, a smart idea of uploading all the invoices on the GST network so that the businesses could find it and file returns easily paved its way to solidification. You must remember the new taxation regime being thrashed by the retroaction of the people during its teething period. Fortunately, that gradually came to an end. But the aftermath gave birth to a few more minor issues.
To be very frank, these temporary ups and downs are a part of the formation and enforcement of such a large system in a diverse country like India, which is a home to thousands of small businesses as well. Now talking about a small business in India, some of them are not even registered under the GST Act yet. That sort of situation creates complications. But as it is said by the former American President Barack Obama that “We did not come to fear the future. We came here to shape it”. Similarly, our country has become an arena with the people and GST being the main contenders, putting strenuous endeavors to make the taxation system work on the mutual basis. And as far as the unregistered small businesses are concerned, back up options for them are many.
If you own a small business, you’d understand that the hefty impacts of the GST are not only limited to the big businesses. Initially, it shook the small businesses to the core. But soon, a whole big list of the small businesses was finalized by the government to be exempted from the GST effect. That came up as a big relief for many small businesses, especially for the farmers and the people completely involved in the agriculture production, market, and trade.
Whilst some of the businesses were relieved, the technology started gearing up for the ease of many other registered taxpayers.
The technology control
The technology has majorly made an impact on the entire world as most of the tasks, even the daily chores that require manual input, are now being replaced by the technology. It simply makes the work easy and saves time. And as of today, the technology is omnipresent in one way or the other, then how could it stay unhooked with our nation’s new taxation regime? To provide assistance to all the taxation queries, efficient GST software was made available to the users. But has it done any good?
Yes, it definitely has. As a result of the increasing demand and inquiries to make the taxation easy, the assistance of the software became befitting. People now could use the software to do registrations, file tax returns and even calculate the applicable tax on the supply of the goods and services in the market. The software gave the people a pool filled with the advantages. Besides adding an ease factor to the new taxation regime, the software also ensures authenticity and safety of the documents and the overall process. Now you can easily shoo your fear that was restricting you to trust the technology in the matter of taxation.
If the world is getting crazy over hyped-up issues, you should prevent yourself from acting the same and act smart. The combination of the technology and the new taxation regime, making everything untangled yet sophisticated, should be your ultimate goal to achieve to reduce hassle. The Goods and Services Tax, after an accountable run, would ensure both, easy and simplified taxation as well as tax evasion. Until then, each one of us should sit tight, work in a spirited manner to comply with the taxation rules and India GST registration rules, and let the GST system evolve and become flawless.