Lot of compliance and adherence to rules cropped up after GST implementation- Saket Kapoor, MD, Green Vision
Saket Kapoor, Managing Director, Green Vision
I see a drastic change from VAT days to the current GST regime. The interaction with my Chartered Accountant or accounts department has actually increased. It is my first observation as far as GST is concerned. Second, a lot of compliances and adherence to various rules have cropped up which was earlier not there in case of VAT. In our country, small businesses form a very large chunk and they all are affected by the GST compliances and the difficulty in raising an invoice. In thed IT industry, till very recently, we have items which would be at 28% and also at 18%. This kind of anomaly as an industry has been escalated and the government considered our representation. In November 2017, after four months of the GST rollout, it was corrected. For small businesses, the biggest challenge is GST and not profitability of business. GST has complicated the way a business is to be pursued as an organization. It does not differentiate with a small business and an enterprise.
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