Tax consultants and IT firms get better opportunities with GST
Posted on: 28/Jun/2017 1:08:26 PM
All the existing and prospective tax payers are perplexed with the Goods and Services Tax. Amidst these, this new era is set to open up enormous opportunities for the Information Technology firms and Enterprise Resource Planning solution, tax consultants, and legal fraternity.
GST brings complete transformation of the present day indirect tax system. The notable fact here is that all the overhauling made with the GST starting from registration, invoicing, return filing, tax payment, etc, everything is made online. There is completely no need for manual return filing or paper invoicing, and the need for physical tax payment is completely eradicated. In other words, the tax assesses will have to migrate to digital interface after introduction of GST on 1st July. Only then will they be able to interact with tax authorities and get the operations done in digital space.
With GST, there is no acceptance for manual compliance. Digitally administering tax is the only way to go with. There is also specific quantum of information that the companies will have to provide, says R. Chandrasekar, the President of NASSCOM.
Adapted to digital methods already?
For all the companies that have already adopted to digital methods in their internal systems, things are going to be far easier. However, there are several small businesses that have manual operations, they handle digital operations in rudimentary levels.
GST network sources state that they have created and are maintaining IT framework for the GST system. Over 8 million excise, VAT and service tax assesses are functional under it. 6.5 millions of them are registered with GSTN.
According to government data, the total number of micro, small and medium enterprise is 36 million all of which will now come under the GST purview. All such businesses must turn GST ready.
It is expected that a number of small and medium enterprises will adopt IT, as most of the large companies have already adopted digital methods. Most of the IT requirements are triggered by SMEs.
