Requirement of GST Enabled Accounting Software for Small Enterprise Business
Is GST has become a boon or a burden for Small Enterprise Business? Goods and Services Tax (GST) is implemented in India on 1 st July 2017 after a decade of debate and discussions. It is implemented with an aim of “One Nation, One Tax”. It is said that GST will be the biggest tax reform of India since its independence. GST has now replaced all the existing indirect taxes by Central GST, State GST and Integrated GST. It is believed that the implementation of GST will help the small enterprise to over-come the burden of double taxation. But the question is that after the four months of GST implementation whether it has proved to be a boon or a burden for the small enterprise business. Does a small enterprise require a GST enabled accounting software? GST has brought radical changes in the taxation system of India and has given some basic guideline that every business must follow to comply with. It became absolute necessary to keep proper record for accurate tax declaration. ...