How Should Businesses Get Ready for the New GST Law? | GST Tax India, Goods and Services Tax
The recent approval of the central GST laws by the GST council suggests that its implementation from 1 July 2017 across India is apparent. It is considered as one of the biggest tax reform in the history of independent India and some feel that it is a lifestyle reform capable of changing the way businesses are conducted in the country. While it is the most talked about subject in the recent past still, nearly 50% of the businesses are not really aware of the impact it will cause as they consider it as just another tax regime. The big business houses are gearing up for the change, but the level of unpreparedness is higher among small businesses and small entrepreneurs. Those who have a turnover of less than Rs 20 lakh feel they can bypass this new tax regime as they are exempted. What they don't understand is that this exemption is not good for them in a long run. This is because if you don't fall in the GST and are vendors to those who fall in it, then those businesses that you supply