Goods and Services Tax – GST – By: – Priya Sharma – Dated:- 20-3-2018 – The difficulties in the new taxation regime have resulted in the reduction of the taxation revenue. The government marked the month of September after which the revenue started hitting the bottom. As the loss cannot be ignored, the government has assured the sustenance of the taxation processes like return filings and e-way billing. During the roll-out, the serviceableness of GST was not in its optimum state and hence toppled. However, the records show that the GST collections averaged around INR 90,000 till the month of September 2017. Not only had the taxpayers of the nation, but the IT industry also suffered due to the varying tax rates and processes of the Goods an
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Indian IT sector has witnessed a slight decline in the profit margins. Analysis declared evolving GST the reason behind the reduced revenue. Here s how software made the taxation regime simpler: Time and cost-effectiveness- With the help of GST software, the taxpayers have been able to cut short the tediousness of the entire regime. Otherwise, the businesses would hire tax consultants adding a huge cost to the company. And if done manually, the compliance would take time more than expected that resulted in the focus cutback in the core competencies. Automated processes- Every GST software comes integrated with a high-end technology. Such advanced technology requires the least input from the taxpayer s end. The user is not required to fill
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T software provider and the government. The enforcement along with an inspection Highlighting the positive aspects of the Goods and Services Tax Act, the government officials chew upon the factors that are hindering the regime s growth. The government has planned to enforce measures that could make GST compliance easy. For that matter, the e-way bill has been implemented and over hundreds of goods and services exempted. Still, there are few pressing issues that have been curbing the potential of the new taxation regime. The taxpayers complained about the delayed update of the tax payments on the GSTN portal. And most importantly, the blockage of the refunds have enraged the people the most. There are several other issues like multiplicity i
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