The impending GST maelstrom is coming and millions will be caught unawares
Just how many small businesses will be able to swim? As the GST train rolls onward to the proposed implementation date of 1st of July, millions of small Indian businesses are woefully under prepared for the transition to the new tax regime. GST has been rightly billed as a landmark tax reform. It heralds not just a new unifying tax but also a new way of doing business for an overwhelming majority of Indian businesses. Whilst its success in fostering growth remains to be seen, its disruptive potential has not been properly assessed by most commentators. The transition to the new regulations will not be easy in the given circumstances. With little more than 50 days to go for the implementation date. You would think it will be highly unusual for there to be no clarity as to which products and services will be taxed under which rate when GST comes in. This prevents many businesses from ascertaining the impact of GST upon their bottom lines, the business owners have no way of kn