GST, the biggest tax regime in India’s history which is just a few days away from its roll out has got all manufacturers and retailers on its toes for ensuring compliance to avoid penalties.
An old manufacturer may not be able to understand the technical nuances of GST and hence find it very difficult to become GST compliant. He also could not learn by mistakes as a minor mistake made knowingly/unknowingly may cost him dearly.
In a bid to avoid any negative repercussions, he is bound to consult technical experts who will discharge information in exchange for a fee.
How have tax gurus, technical experts encashed on GST?
The introduction of GST has engendered multiple lucrative opportunities for many tax gurus, technical experts and legal consultants.
If reports are to be believed, GST has spawned 20,000 crore businesses for tax consultants and technical advisories ahead of the GST rollout on July 1. The major driving force for this opportunity is the imminent fear which lurks inside of each and every trader, manufacturer affected by the new tax regime.
Individuals or groups of tax experts exploited the opportunity by making GST-centric firms and modules which shall guide market players in adapting to the new tax regime.
ERP biggies like SAP and Oracle are all geared up to build a massive record book over the following years. These companies are providing software in the budget range of Rs 18,000 to Rs 54,000.
Where can the commoners reach out for help?
GST service providers (GSPs) and Application service providers (ASPs): These firms or associations will help traders, manufacturers throughout the overall process of shifting to the new tax regime. GST service provider (GSP) provide the following services:
- Prepare business registers in compliance with GST directives,
- Upload electronic invoices and file on the technology platform, and plans to leverage its network.
- Filing of invoices on designated online platforms
- Take effective decisions in the interest of companies
‘Application service providers’ or ASPs are the penultimate associates formed for mitigating users issues with GST implementation and compliance. The GST framework is based on Microsoft Excel based recording, which will have to be loaded onto the GST application once every 6 months. The Application service providers will ensure that users are able to migrate their data from Excel sheet to the GST platform.
The shift GST tax regime will require a total of 37 yearly returns, including 3 every month. This is apparently a taxing job, however, experts say that it will increase transparency and boost consistent monitoring.