Psychological impact of GST on Small Business: [Essay Example], 752 words GradesFixer
exit-popup-close

Haven't found the right essay?

Get an expert to write your essay!

exit-popup-print

Professional writers and researchers

exit-popup-quotes

Sources and citation are provided

exit-popup-clock

3 hour delivery

exit-popup-persone
close
This essay has been submitted by a student. This is not an example of the work written by professional essay writers.

Psychological Impact of Gst on Small Business

Download Print

Pssst… we can write an original essay just for you.

Any subject. Any type of essay.

We’ll even meet a 3-hour deadline.

Get your price

121 writers online

blank-ico
Download PDF

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;

Data interpretations;

Category of Business;

Response.

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.

Remember: This is just a sample from a fellow student.

Your time is important. Let us write you an essay from scratch

100% plagiarism free

Sources and citations are provided

Find Free Essays

We provide you with original essay samples, perfect formatting and styling

Cite this Essay

To export a reference to this article please select a referencing style below:

Psychological impact of GST on Small Business. (2018, July 05). GradesFixer. Retrieved October 31, 2020, from https://gradesfixer.com/free-essay-examples/psychological-impact-of-gst-on-small-business/
“Psychological impact of GST on Small Business.” GradesFixer, 05 Jul. 2018, gradesfixer.com/free-essay-examples/psychological-impact-of-gst-on-small-business/
Psychological impact of GST on Small Business. [online]. Available at: <https://gradesfixer.com/free-essay-examples/psychological-impact-of-gst-on-small-business/> [Accessed 31 Oct. 2020].
Psychological impact of GST on Small Business [Internet]. GradesFixer. 2018 Jul 05 [cited 2020 Oct 31]. Available from: https://gradesfixer.com/free-essay-examples/psychological-impact-of-gst-on-small-business/
copy to clipboard
close

Sorry, copying is not allowed on our website. If you’d like this or any other sample, we’ll happily email it to you.

    By clicking “Send”, you agree to our Terms of service and Privacy statement. We will occasionally send you account related emails.

    close

    Attention! this essay is not unique. You can get 100% plagiarism FREE essay in 30sec

    Recieve 100% plagiarism-Free paper just for 4.99$ on email
    get unique paper
    *Public papers are open and may contain not unique content
    download public sample
    close

    Sorry, we cannot unicalize this essay. You can order Unique paper and our professionals Rewrite it for you

    close

    Thanks!

    Your essay sample has been sent.

    Want us to write one just for you? We can custom edit this essay into an original, 100% plagiarism free essay.

    thanks-icon Order now
    boy

    Hi there!

    Are you interested in getting a customized paper?

    Check it out!
    Having trouble finding the perfect essay? We’ve got you covered. Hire a writer

    GradesFixer.com uses cookies. By continuing we’ll assume you board with our cookie policy.