Goods and Service Tax and your business.
Having got a green signal from Rajya Sabha and Lok Sabha is ready to launch itself very soon in coming months. It is a tax structure that is impacting several different aspects and parts of businesses. With all the problems facing with the different taxes in India, India has come up with a single taxes for all needs i.e., GST. After the roll out of GST bill, It is believed that it is going to affect different aspects of Businesses such as profitability, cash flow, sourcing, pricing, supply chain and Enterprise Resource Planning (ERP) systems. It is the merging of all the Indirect taxes such as Sales Tax, Service Tax and Excise Tax etc with many advantages for a lawman. You must be often thinking how will GST affect me and my SME in positives and negatives? Here is what you all need.
There are many ways in which GST will be replacing current taxes. The main of all is VAT, it will be replaced by GST. That will be the plus point of SME because there will not be different VAT problems in different states. There are basically three types of GST, they are SGST (State goods and service tax), CGST (Central goods and service tax), IGST (Integrated goods and service tax). With these there will be replacements in different tax structures. That is Service Tax, Central Excise Duty, Duties of Excise, Cess and Surcharges and Customs Duty will be acquired by CGST. VAT, State Cess and Surcharges, Central Sales Tax, Tax on Advertisements, Lottery, Gambling, Purchase Tax, Luxury Tax and Entertainment Tax. will be acquired by SGST. This will even change the taxation criteria. Now, entity with annul Income of 10 Lakhs has to register for GST. These are all the positives that will allow our business to flourish in our country.
But is GST difficult to process? No, With automaxis things are made easy for your business uploading the invoices and making use of your payments will be made automated. You don’t have to spend your time with the manual work of accountant. Autom-axis has made all your works easy and simpler.
Know more about automaxis