India is not unique in having tax, Inventory, tariff and economic variables structurally impact the supply chain network system, and the coming months will reveal the true impact of the new tax rules.
Know About GST
Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments.
How It Works
In simple words, GST is implemented to replace multiple cascading taxes levied by the Central and State Government.
Advantages of GST
· GST eliminates the cascading effect of tax
· Higher threshold for registration
· Composition scheme for small businesses
· Simple and easy online procedure
· The number of compliances is lesser
· Defined treatment for E-commerce operators
· Improved efficiency of logistics
· Unorganized sector is regulated under GST
Disadvantages of GST
· Increased costs due to software purchase
· Being GST-compliant
· GST will mean an increase in operational costs
· GST came into effect in the middle of the financial year
· GST is an online taxation system
· SMEs will have a higher tax burden
· The state-level origin taxes often do not allow companies to reclaim taxes paid on raw materials if the goods were sold to another state.
Tech Integra ERP is incorporated with GST to enable the smooth running of your finances and other operations in your business.
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