Image Source: Khaleej Times
A year earlier, buyers and retailers were trying to avoid the newly rolled out GST which has replaced many Indirect Taxes in India. Fast Forwarded to one year, the SMEs are finally beginning to settle down by adapting to this new indirect tax system. With GST procedures getting more and more simplified, the SMEs have now begun to understand the benefits that GST brings on table for them. With a more convenient return filing mandate every month, the problem of filing three returns in a month has now been simplified. While other challenges like filing of complex returns, GST Portal related technical issues and revamping of technological structures by the businesses need to be addressed fully, some part of input tax credit will now be solved with it being made available to the buyers on accepting the invoices that are uploaded by the suppliers.
Source: Khaleej Times