The Journey Of GST: From Then Till Now

Finance & Investment

The fickle ride of the boat of the GST has damaged many since it began. Now that it has become a year and a half old, a slight yet temporary balance is gained by the new taxation regime. Although the long-term benefits of the Goods and Services Tax couldn’t be doubted. The extreme potential of the government for a far-flung implementation shows a substantial vision, which, after coming on the track, will be beneficial to all.

But the disruption that came after the GST implementation hadn’t been predicted. Various issues related to compliance and the returns filing has dented the economy growth and majorly the small businesses. Most of the MSMEs in India belong to an unorganized sector that could not comply instantly with any change in the policies of the taxation. Hence, the issues supervened has become a learning and will work as a guide for the small businesses as well as the government.

The government, along with the people, have been witnessing multiple complex issues that required an adherence to a modern craft. Albeit the information about GST has been made handy to the companies, but the physical implication of the same became tenacious and slaggy. And as the core of the small businesses is simple sale and purchase, it was affected as they had to register their businesses and the payers had to file the returns.

The technological wizardry

Ultimately, the people had to seek assistance. And the companies providing the best GST software service and free GST software demo India came in front with a helping hand. Many of the companies and services found complying with the Goods and Services Tax with the help of a reliable software easy. From the simple task of the user registration to the time-consuming and hectic task of filing a return and coping with the compliance has now been made easy by the GST software.

But the government revising the rules and registration every now and then made even the software providers struggle hard coping up with the changes. They had to instantaneously run functions and make changes each time the government did so. The prime reason behind such rush is the dependency of a large number of people and businesses on the software service for even the smallest task. In addition to the trouble of the GST, the inability or lag in the function results in the bad accountability of the service providing the software.

Wiped out of the new taxation regime, the people, although unsatisfied, started putting pressure on these software providers. The teething trouble of the reverse charge mechanism worked as a fuel to the fire. To comply with the GST is not that easy when you have to inspect the goods and services that are sourced from a registered or an unregistered market player.

What’s the relief?

Besides every hassle that is occurring around the new taxation regime, there are few factors that proved to be a relief for the common taxpayers of the nation. Some of the goods and services are relieved by the reduced tax rates and it brought an ease for the people indulged in those specific businesses as well. On the other hand, the complete expulsion of some of the goods and services had made not only the business-owners but also the overall community associated with those businesses like agriculture, handicraft etc.

The gist

It is a clear fact that no entity, single-handedly, could bring the Goods and Services Tax on a normal scale of functioning. It requires a well-thought of and planned effort. As of now, the government has made things easier enough for the taxpayers to comply with GST either manually or with the help of a best GST software. And with that said, changes and diversification in the new taxation regime could be accepted and must be welcomed.

The GST is still a toddler right now. And with every other day issue resolving and compliance, the government is keeping up the system as per the law and India GST registration rules. Keeping the goal in the mind and the amount of benefit the GST will bring for the future generation in India, everyone should show an equal support to the government’s vision.