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India is very unique by birth it is known for good hospitality and eco-friendly business environment for small and big player equally by RBI survey almost nine million SMEs exist in India. what you see and hear both are not correct some time such situation emerge than the role of SMEs come in the picture let me clear it by giving estimation by the researcher that Number of SMEs are behind one big company. That is why the contribution of this sector is directly 7% and indirectly 30% in economy.But since the implementation of GST raises several questions on the very existence of the sector because 70% are not in threshold limit of GST so these are not in range of getting input tax credit. Under the previous tax regime, if your business had operations across many states, you would have to register for sale tax/ VAT with each state’s sales tax department in order to do business activities.The reason that every state had different tax laws complicated the entire process, and business owners had to pay many procedural charges for VAT registration and uncontrolled chain of cascading started. Under GST, the registration is centralized and the rules are uniform for all the states across the country.
Indian society is a mix of everything maybe culture religion and caste so the business. Here small business is mostly family driven and big business has the same conditions that are why the son of cobbler is cobbler and son of a businessman is a businessman by analysis of The economic time only 10 families are bagging more than 70% business and alone 2% population share 58% asset of the country. Despite being so complicated and uneven distribution of wealth and business India is known for the land of startup and SMEs. But all small business is performing their business in a very simple way in modern language relay on bricks and mortar. So the fair of implementing GST uniformly to every business houses small or big both. Left most of the small businessman goes without sleep in nights. In my study, I talked to 100 odd small businessmen of Crossing republic GZB and Greater Noida West and two senior persons of a company dealing with billing software they almost meet to 100 of people every day. And got very useful information which is an integral part of my study
GST the biggest Tax Reform in India founded on the notion of “One Nation, One Market, One Tax” is finally here. The movement that the Indian government was waiting for the decade has finally arrived. The single biggest Indirect tax regime has kicked into force, dismantling all the inter-state barriers with respect to trade. The GST rollout, with the single stroke, has converted India into a unified market of 1.3 billion citizens. The idea behind implementing GST across the country in 29 states & 7 union territories is that it would offer a win-to-win situation for everyone. Manufacturers & Traders would benefit from fewer tax filing, transparent rules & easy booking; consumers would pay less for the goods & services and the government would generate more revenues. So this paper tries to throw a light on various aspects of GST and to know its probable impact on Indian economy and its sectors. The data are collected from various secondary sources like reports of Government, professional bodies, working committees and also from research papers, articles, news, budget sessions etc.
Problems with GST
They are not used to maintaining accounting books
They are confused about filling of returns
They also worried about penalties and fine on the base of noncompliance of GST
How can they turn the traditional business into computer operated modern one?
Benefits of GST:
Reduction of tax burden;
Many taxes to single tax;
Removal of cascading;
Simplification of tax return;
Category of Business;
GST is the biggest reform no doubt about it but my study shows that people are not ready for this radical change and a lot of confusion is built in the mind and heart of common people. Despite being the noble intention and greater importance given by world bodies things cannot turn better on the ground. And continuous meetings of GST council and in every meeting, the results are less or more as per expectations if there is an election period is near so council reacts differently than routine one.
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