Tuesday, September 21, 2021

Know- what kind of problems are still happening after 4 year of GST

 4 years of GST, know- what kind of problems are still happening to traders, revealed in the survey
Know- what kind of problems are still happening after 4 year of GST
Know- what kind of problems are still happening after 4 year of GST



Today is the fourth year of the biggest tax reform GST (Goods and Services Tax) implemented by the Modi government. The tax reform by the Modi government at the Center changed many of the taxes levied by the Central and State Governments into 'single tax' GST, which currently has four slabs, 5%, 12%, 18%, and 28% for various businesses.

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Regular hassles and technical glitches in the implementation of GST have led to dissatisfaction among businessmen, which has resulted in problems among the people due to many intricacies of tax reforms.

In a survey conducted by Local Circle in 18,000 businesses spread across 171 districts of India, 28% of respondents expressed dissatisfaction with the tax system, while 43% said they were happy. The main reason for dissatisfaction is spending more time on GST compliance vs. pre-GST taxation and most people are having trouble understanding, logging, furthermore, submitting data on the GSTN site.

Compared to pre-GST, 64% of businesses say their monthly accounting costs have increased after GST while 57% of businesses also say that invoice matching between input and output is their first issue with GST.

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The survey also found that 13% of businesses experienced "refund delay". The other 13%, however, issues of "separate list need for each separate state". 5% had a problem with "TCS and TDS". 12% of businesses had no opinion. The survey received 3,004 responses to this question. Invoice matching is an area where a business is matching its output invoices and applying for input tax credit payable.

Meanwhile, many businesses have raised the issue of dependence on suppliers, whose delay in GST compliance affects the compliance of the entire supply chain. Over the last four years, many small businesses have also raised the structural issue of paying GST for their customer invoices, while it takes customers 3-6 months to pay the invoices to large companies or government bodies in many cases. . This leads to a cash crunch for small traders.

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