Question

what are the cons of gst

Answer 1

●GST compliance and tax filing has increased the implementation cost for businesses, as they are required to invest in computers, accounting (GST) software and/or trained GST experts (CAs and accounting experts).
●The process of GST compliance is also proving daunting as most businesses are not yet fully aware of the rules, provisions and processes of the new tax system, including the process of return filing, GST registration, returns filing schedule, invoicing and billing, etc.
●The overall cost of doing business is going to increase, at least in the first few months of GST.
●The implementation of GST in the middle of the financial year is creating a lot of confusion among business, as to whether to follow the old tax rules or new ones or both.
●Many businesses, especially small businesses and startups, do not usually have the money or tech resources to get compliant with the digital GST system. A cloud-based (online) GST software like the Gen GST could be a perfect solution to this problem.
●The tax relaxation limit for small manufacturing businesses, which was 1.50 crores earlier, is now Rs. 20 lakh under the GST system. This has effectively increased the tax burden for such businesses.
●No clarification about tax holidays has further increased operation costs for textile, pharma and other manufacturing industries.
●The chaos among businesses has ended up creating a disruption in the industry.
●Consumers are not very hopeful about GST benefits and implementation and therefore, they are reluctant to adapt to the new system.
●The tax rate has been increased for many products, thus increasing their costs.
●Although there is a provision of input credit in GST, some businesses are not willing to pass on its benefits to their consumers.
●The cost of refurbishing has increased due to increased tax, thus increasing the price of refurbished products.
●Businesses are required to have separate registrations for multiple business entities in different states. It will increase the burden of tax compliance.
●GST has reduced the tax revenue of some states as they are now required to share revenues with the central government.
●The tax will be paid by the end consumer, which makes it a non-consumer-friendly tax system.

Answer 2

Answer:

7 skills for a successful management career

Interpersonal skills.

Communication and motivation.

Organisation and delegation.

Forward planning and strategic thinking.

Problem solving and decision-making.

Commercial awareness.

Mentoring.

How do I develop my management skills?