English, asked by nagar4408, 11 months ago

Gst eassy short heading by heading


Answers

Answered by AnkitSingh638623
2

As every coin has two sides, even The GST has its own set of drawbacks and disadvantages. GST is a newly introduced tax system in India. A common man is unaware of how the GST works moreover citizens are used to the previous direct taxes, so it would take the time to digest the whole big change and also to get familiar with the GST. Also, all the business software, processes like accounting and ERP software need to be updated with the latest tax system.

Under GST some services will become costlier such as TeleCom, Airlines, Banking, Insurance will be costlier under GST bill. Under new rules, tax needs to file each month and compliances are made more stringent, this might create a problem for small businesses. Same way Invoices needs to be GST complaint or else there are hefty fines, small businesses may not afford this transition. CA services and GST Complaint account software and related tools will add cost to Small businesses.

Filing tax also faces some technical problems (faced by myself), most of the time digital signature don’t work, and a lot of people dont know the technical know-how to solve the issue. In this case, CA asks for handing over digital signature so that he/she can file returns on behalf of you. This is can be a serious identity theft issue, with DSC one can digitally sign any document. (If you know anyone who hands over their DSC to CA, make them aware of this.). Government is not spreading awareness about it.

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