The introduction of Goods and Service Tax (GST) in 2017 has brought in a complete transformation of the taxation system for small businesses. The proposed system is transparent, paperless and, is intended to bring more businessmen into the formal economy and the indirect tax network. Whereas, enhancement of indirect tax revenue is one of the immediate targets of the government, with data of purchases, sales and inventories being uploaded on the GST network and the government’s initiative of data analytics, linkages to the taxability of income of the businessmen will also be established over the next 12-18 months. This will bring to fore the following challenges for small and medium businesses:
a. More businesses will be brought under the GST network
b. All businesses will need greater accounting rigor which in turn will require professional accounting capabilities
c. All businesses will need to develop strong compliance capabilities.
GSTserve is one of the best outsourced accounting and tax consultants in Kerala ,provides professional, holistic and comprehensive solutions through its suite of services that not only address the above challenges, but, also provides you a unique opportunity to utilize these challenges to transform the way you do business.
