GST: The Nation needs Your Taxes

Tax structure for indirect taxes in India has remained complex with a combination of state and center level taxes and compliance rules. The complexity slowed down business due to requirements of multiple forms in various formats required for movement of goods within the country. Checking compliance was also naturally difficult hence leaving room for tax avoidance. Long-term reforms had proposed a single tax known as Goods and Services Tax (GST) applicable uniformly based on the value. GST will be a single Indirect tax for the whole nation, which will make India one unified common market. Each stage would then be taxed only on added value.

Now the GST bill is passed it will be implemented into the systems on 1st April 2017. It shall come into force on such date as the Central or a State Government may, by information in the Official Gazette, appoint in this service. While several State GST Act would expand to the applicable State, the Central GST Act reaches to the whole of India and includes Jammu & Kashmir.

Being a major mover of goods retail production will have a major bearing through GST implementation and we feel that the overall impact will be positive as it will reduce current artificial constraints on business domicile and movement of inventory. The manufacturer will be able to reach more consumers through distributors and stores across India with ease of calculating and reporting of taxes.

We at Asimot are fine-tuning our Retail ERP and POS systems with a vision to simplify and make the process of adoption of GST as simple as we can. Through these blog posts, you will be able to get an inside view into how we are working on this subject.

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