AK's Views, Entrepreneurship

3 WAYS HOW GST WILL HELP THE BUSINESS WORLD

Posted by Abhishek Kar on

The whole country witnessed the capacious metamorphosis in the tax system of our country on the last day of June.Yes, you guessed it right,the implementation of GST! A term which was surrounded by a lot of controversies on its suitability in our economy and it’s implications. Skeptics screeched their concerns regarding the deplorable state our country would witness post the execution of GST but being entrepreneurs, we need to understand how GST is going to impact the business world.

So, here are the 3 ways how GST will help or impact the business world-

  1. Ease in doing business
    How – Earlier there used to be almost 17 types of tax returns which the business owners had to file, now that will be narrowed down to just one. Of course, whenever a new refinement or development happens, it takes time for the people to adopt but once they get used to it, they are surely going to reap a lot of rewards.
  2. Startups and entrepreneur will get more funding
    How- With the implementation of GST a lot of transparency will happen in the overall tax system. Earlier a lot of businessmen specially in sectors like infrastructure and real estate managed to exploit the loopholes of the tax system.But,now with the implementation of GST,things would be tough resulting is more authenticity,lesser corrupt practices and improving economic outlook. These are broadly the factors which excite the FDIs ( Foreign Direct Investments). As a result they would love to deploy their funds in our business ecosystem.
  3. Boost in housing sector
    How- Prior to GST a lot of corrupt practices were taking place in the housing industry but post GST implementation, buyer’s confidence is at peak as they are convinced about the transparency. It’s even a hassle free system as the double taxation system is abolished. It means they need not to worry about the multiple levels of state taxes which they were paying earlier.

In short,GST will be conducive for the economy as well as the business in India. Yes, there is a lot of apprehension regarding the same but it’s just a matter of time, soon things will be back to normal and the overall economic outlook will improve.