GST : The Historic Reformation In Taxation History
We are ushering in a new era with the outcome of GST which promises a stronger economy with a less corruption.The Goods and Services Tax is one of the biggest reforms in the Indian economic set-up and would streamline the taxation of trade in goods and services, reducing processes and increasing the ease of doing business.
With GST a new India has already emerged and a new Taxation system has come up which will improve the quality of being reproducible in amount or performance. Marg ERP a leading inventory and accounting service provider congratulates every single Indian on this grand achievement. Not only the GST council but everyone who has worked hard on bringing this dream reformation of tax live deserves a share of applause.
GST promises a simpler tax system, less compliance costs, reduce logistic and inventory costs. This will provide better competitiveness in manufacturing and export sector too. Not only that the GST would facilitate credit across the entire supply chain and across all the states.
The GST will also bridge the gap between fiscal administration and business compliance. Moreover, the one law one tax concept has made India one market and has allowed a trader to trade anywhere in India hassle free.
Though confusion and chaos is seen in the commoners as they are still not sure how this new Tax Regime will impact their daily life and living but they have a strong faith that in the long run GST will increase
Need of digitization
With the outcome of GST, digitizationhas become the need of the hour. The GST with digitized version promises to improve productivity and transcend companies for a better future. All the businesses which are liable for filing GST returns are ready to pursue digitalization procedure whereby digitized resources, such as cloud-based software and machines equipped with digital sensors, are transformed into new sources of profitable revenue. Moreover, the GST assures a digital ecosystem in India with digitized consumer and tech-savvy talent pools which are expected to mature with time.
Need of knowledge transfer
The GST being a total online concept will lead to more transparency and accountability, which is ultimately good for business but it will be a tough challenge for a medium and small organization which has a small infrastructure and do not have a strong understanding about the GST.
With the GST roll out all the small businesses are at discomfort and need a deep understanding and clarity on the GST as a subject. Marg ERP has taken various steps in minimizing this knowledge gap and has helped in reducing the anxiousness and confusion among the SME and MSMEs of India.
Need of application software
To sort out the biggest business challenge with the implementation of GST, Marg Compusoft Pvt. Ltd. has come up with GST Ready Software to present the best solution for GST. The GST software prepared by Marg has multi-platform adaptability and is accessible from desktop, tablets or mobile iphones at any point in time.
The companies GST software is build up in such a way that the GST tax filing and billing work can be made faster and easier.Moreover, the return filing under the GST will be done online and the payments could be accepted via Net Banking, Credit/Debit card.