Small and medium-sized businesses make significant contributions to the GDP and employment generation in the country. Therefore, it is important that their health and growth are nurtured equally. However, MSMEs have been experiencing the increasing burden of compliance under GST. In a country like India, most of the small businesses are unable to quote a price on their products and do any paperwork. Small and medium enterprises rarely can afford to have computer systems and accountants to comply with the GST compliance requirements. Further, SMEs with low turnover and external GST face trust issues.
Ever since the Goods and Services Tax was introduced, it led to a rise in the demand for accounting software and GST accounting mobile apps to tap into the ever-growing number of mobile users. However, several SMEs are still struggling to prepare for the substantive increase in the compliance requirements.
The large number of GST returns that need to be filed is yet another reason contributing to the hardships of small and mid-sized business owners. Even now there are countless micro, small and medium sized businesses that come within the GST ambit and need a proper digitised GST accounting and invoicing solution. While some enterprises have already taken to technology, others are still way behind and need to catch up.
Source: India TV News