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\"\"By Nikhil Rungta<\/strong>
\n
NEW DELHI: The Lok Sabha has passed the Goods and Services Tax (GST<\/a>) bill and the rates for goods and services have been determined, clearing the path for the most significant tax reform in post-independence India.
\n
While GST has been hailed as a much-needed overhaul of the indirect tax system, many small and medium sized businesses (SMBs<\/a>) across sectors - services and product alike - are wary of its impact on them. It is but natural for there to be teething issues, but once the dust settles down, there will be significant benefits from GST that will fuel the growth of businesses and the Indian economy.
\n
\nEase of Doing Business<\/strong>
\nThe primary intent of rolling out GST is to promote ease of doing business. This will be possible through the unified tax system under GST which does away with the multiple taxes that businesses are currently subjected to. In the new tax regime, businesses need to be worried about only one tax, namely GST. There are three types of GST: -
\n
\ni. SGST or State GST - part of GST collected by states for the movement of goods and services within a state
\nii. CGST or Central GST - part of GST collected by the center for the movement of goods and services within a state
\niii. IGST or Integrated GST - GST collected by the center when goods and services cross state or national boundaries. States will work with the center to reconcile taxes due to them for such movement of goods and services.
\n
\nGiven the unified structure of GST, businesses will have much higher flexibility in determining where to set up their business and which markets to serve. Movement of goods will be seamless leading to faster turnaround times, lower costs and overall higher velocity of business growth.
\n
\nGST is a destination based tax system, meaning that the tax will be determined based on where the consumption of goods or services will take place. For technology service providers, this means that customers will be billed or taxed based on the destination at which their service has been consumed. Businesses can, therefore, base themselves where they can gain long-term competitive advantage in terms of resources and not be driven merely by short-term benefits of states providing tax breaks.
\n
\nLower Taxes<\/strong>
Today, any business providing products and services is subjected to both VAT and Service Tax<\/a>. This adds to the burden of tax compliance while also increasing cost of doing business in the form of higher taxes. GST does away with the distinction between products and services. This means that tax calculation for such businesses will be much simpler and in many cases lead to lowering of taxes.
\n
\nGST allows businesses to avail of input tax credits - tax that a business pays on services and goods consumed - when calculating its own tax liability. Let us say an IT firm has a GST liability of Rs 10,000 on the services it has sold. Further, it has paid GST of Rs 2,000 on the goods and services it has consumed. In such a case, it needs to pay only Rs 8,000 as GST to the government, bringing down its tax liability.
\n
\nGST provides for a unique tax reconciliation mechanism for businesses to reduce their taxes. A business will be able to avail of tax credit only if its supplier has uploaded the corresponding invoice to the GSTN. This will have a cascading benefit for the entire supply chain in terms of improved transparency and lower taxes.
\n
\nDigitization and Business Opportunities<\/strong>
\nUnder GST, businesses need to upload their invoices to the GSTN (GST Network) on a regular basis. In addition, businesses need to upload and download various forms from the GSTN thrice a month, every month. This design of GST makes it necessary for businesses to employ technology to run their business and accounting processes.
\n
\nThis ties in well with the government's efforts to drive digitization in the Indian economy for unlocking efficiencies, compliance and growth. More businesses will come online, creating new business opportunities and a vibrant digital economy. This is great news for technology-based product and service companies as demand for their solutions will increase in a GST enabled economy.
\n
\nCompliance and Higher Operational Efficiencies<\/strong>
\nBusinesses will need to organize themselves better, as compliance requirements under GST are well-defined and require almost real-time compliance. Most businesses will move to increased automation of their accounting processes increasing operational efficiencies. Indian SMBs will now have to ensure that their processes, including accounting and data management are efficiently organized so as to be able to file a compliance report three times a month.
\n
\nGST will bring with it a complete upheaval of the existing tax system. In the initial phase, industry can expect a period of adjustment. However, once the one-time cost of technology adoption and financial services is absorbed, the prices of products and services will come down, helping small businesses in the long run, while providing newer opportunities for growth.
\n
\n\n<\/body>","next_sibling":[{"msid":59081853,"title":"Infosys founders' share sale 'no bad thing': Investors","entity_type":"ARTICLE","link":"\/news\/infosys-founders-share-sale-no-bad-thing-investors\/59081853","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":59081915,"entity_type":"ARTICLE","title":"GST: Impact on SMBs, technology services and startups","synopsis":"While GST has been hailed as a much-needed overhaul of the indirect tax system, many SMBs across sectors - services and product alike - are wary of its impact on them.","titleseo":"telecomnews\/gst-impact-on-smbs-technology-services-and-startups","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"ET CONTRIBUTORS","artdate":"2017-06-10 17:29:57","lastupd":"2017-06-10 17:29:57","breadcrumbTags":["GST","policy","Service tax","Startups","SMBs"],"secinfo":{"seolocation":"telecomnews\/gst-impact-on-smbs-technology-services-and-startups"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2017-06-10" data-index="article_1">

销售税:对中小型企业的影响,技术服务和创业

虽然销售税被誉为急需改革的间接税收制度,许多中小型企业跨部门-服务和产品都持谨慎态度的影响。

  • 发表在2017年6月10日下午05:29坚持
由Nikhil Rungta

新德里:Lok Sabha通过商品和服务税(销售税)比尔和利率对商品和服务的决定,为最重要的税收改革扫清了障碍在独立后的印度。

虽然销售税被誉为急需改革的间接税收制度,许多中小企业(中小型企业跨部门)-服务和产品都是对它的影响。但自然是暂时的问题,但是一旦尘埃落定,将会有显著的好处从销售税,燃料公司和印度经济的增长。

缓解做生意的
推出销售税的主要目的是促进缓解做生意的。这将有可能通过统一的税收制度销售税也下了多个税收,企业正在进行。在新的税收制度,企业只需要担心一个税收,即销售税。有三种类型的销售税:-

我。今天或州销售税——收集到州销售税的运动的一部分,商品和服务在一个国家
二世。CGST或中央销售税——中心收集的销售税的一部分商品和服务在一个国家的运动
三世。IGST或集成销售税——中心收集的销售税当商品和服务跨州或国家边界。国家将与中心协调税收由于他们这种运动的商品和服务。

鉴于销售税的统一结构,企业将有更高的灵活性在决定建立他们的业务和市场服务。货物将无缝运动导致更快的周转时间,降低成本和整体业务增长速度高。

销售税是一个基于目的地的税收制度,这意味着税收将决定基于消费的商品或服务。技术服务提供商,这意味着客户将宣传或征税基于他们的目的地服务被消费。因此,企业可以基地本身,在那里他们可以获得长期竞争优势的资源,而不是仅靠短期利益驱动的状态提供税收减免。

降低税收
今天,任何企业提供的产品和服务是受到增值税和服务税。这增加了税收遵从的负担,同时也增加经营成本高税收的形式。销售税是产品和服务之间的区别。这意味着税收计算这样的企业将更简单,在很多情况下导致降低税收。

销售税输入允许企业利用税收优惠,税收业务支付服务和商品消费,在计算自己的纳税义务。让我们说一个公司有一个销售税Rs 10000服务的责任已售出。进一步,它已经支付销售税的Rs 2000商品和服务消费。在这种情况下,它只需要支付8000卢比作为政府销售税,降低其纳税义务。

销售税提供了一个独特的税收协调机制为企业减少税收。业务将能够利用税收优惠只有在其供应商GSTN上传相应的发票。这将有一个级联有利于整个供应链的改善透明度和降低税收。

数字化和商业机会
在销售税,企业需要上传发票到GSTN定期(销售税网络)。此外,企业需要上传和下载各种形式的GSTN每月三次,每个月。这个设计的销售税,企业有必要采用技术来运行他们的业务和会计流程。

这种关系与政府的努力推动数字化解锁的印度经济效率,合规和增长。更多的企业会在网上,创造新的业务机会和一个充满活力的数字经济。这是好消息科技型产品和服务公乐动扑克司作为他们的解决方案的需求将增加销售税启用经济。

遵从性和更高的运营效率
企业需要更好地组织起来,销售税以下法规遵循需求定义良好的,几乎实时的合规要求。大多数企业将增加其会计流程的自动化提高操作效率。印度中小企业现在必须确保他们的流程,包括会计和数据管理是有效地组织,能够提出合规报告一个月的三倍。

销售税将带来一个完整的剧变现有的税收制度。在初始阶段,行业可以预期的调整时期。然而,一旦技术采用的一次性成本和金融服务被吸收,产品和服务的价格将会下降,帮助小型企业从长远来看,同时提供新成长的机会。

  • 发表在2017年6月10日下午05:29坚持
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  • 销售税:对中小型企业的影响,技术服务和创业
\"\"By Nikhil Rungta<\/strong>
\n
NEW DELHI: The Lok Sabha has passed the Goods and Services Tax (GST<\/a>) bill and the rates for goods and services have been determined, clearing the path for the most significant tax reform in post-independence India.
\n
While GST has been hailed as a much-needed overhaul of the indirect tax system, many small and medium sized businesses (SMBs<\/a>) across sectors - services and product alike - are wary of its impact on them. It is but natural for there to be teething issues, but once the dust settles down, there will be significant benefits from GST that will fuel the growth of businesses and the Indian economy.
\n
\nEase of Doing Business<\/strong>
\nThe primary intent of rolling out GST is to promote ease of doing business. This will be possible through the unified tax system under GST which does away with the multiple taxes that businesses are currently subjected to. In the new tax regime, businesses need to be worried about only one tax, namely GST. There are three types of GST: -
\n
\ni. SGST or State GST - part of GST collected by states for the movement of goods and services within a state
\nii. CGST or Central GST - part of GST collected by the center for the movement of goods and services within a state
\niii. IGST or Integrated GST - GST collected by the center when goods and services cross state or national boundaries. States will work with the center to reconcile taxes due to them for such movement of goods and services.
\n
\nGiven the unified structure of GST, businesses will have much higher flexibility in determining where to set up their business and which markets to serve. Movement of goods will be seamless leading to faster turnaround times, lower costs and overall higher velocity of business growth.
\n
\nGST is a destination based tax system, meaning that the tax will be determined based on where the consumption of goods or services will take place. For technology service providers, this means that customers will be billed or taxed based on the destination at which their service has been consumed. Businesses can, therefore, base themselves where they can gain long-term competitive advantage in terms of resources and not be driven merely by short-term benefits of states providing tax breaks.
\n
\nLower Taxes<\/strong>
Today, any business providing products and services is subjected to both VAT and Service Tax<\/a>. This adds to the burden of tax compliance while also increasing cost of doing business in the form of higher taxes. GST does away with the distinction between products and services. This means that tax calculation for such businesses will be much simpler and in many cases lead to lowering of taxes.
\n
\nGST allows businesses to avail of input tax credits - tax that a business pays on services and goods consumed - when calculating its own tax liability. Let us say an IT firm has a GST liability of Rs 10,000 on the services it has sold. Further, it has paid GST of Rs 2,000 on the goods and services it has consumed. In such a case, it needs to pay only Rs 8,000 as GST to the government, bringing down its tax liability.
\n
\nGST provides for a unique tax reconciliation mechanism for businesses to reduce their taxes. A business will be able to avail of tax credit only if its supplier has uploaded the corresponding invoice to the GSTN. This will have a cascading benefit for the entire supply chain in terms of improved transparency and lower taxes.
\n
\nDigitization and Business Opportunities<\/strong>
\nUnder GST, businesses need to upload their invoices to the GSTN (GST Network) on a regular basis. In addition, businesses need to upload and download various forms from the GSTN thrice a month, every month. This design of GST makes it necessary for businesses to employ technology to run their business and accounting processes.
\n
\nThis ties in well with the government's efforts to drive digitization in the Indian economy for unlocking efficiencies, compliance and growth. More businesses will come online, creating new business opportunities and a vibrant digital economy. This is great news for technology-based product and service companies as demand for their solutions will increase in a GST enabled economy.
\n
\nCompliance and Higher Operational Efficiencies<\/strong>
\nBusinesses will need to organize themselves better, as compliance requirements under GST are well-defined and require almost real-time compliance. Most businesses will move to increased automation of their accounting processes increasing operational efficiencies. Indian SMBs will now have to ensure that their processes, including accounting and data management are efficiently organized so as to be able to file a compliance report three times a month.
\n
\nGST will bring with it a complete upheaval of the existing tax system. In the initial phase, industry can expect a period of adjustment. However, once the one-time cost of technology adoption and financial services is absorbed, the prices of products and services will come down, helping small businesses in the long run, while providing newer opportunities for growth.
\n
\n\n<\/body>","next_sibling":[{"msid":59081853,"title":"Infosys founders' share sale 'no bad thing': Investors","entity_type":"ARTICLE","link":"\/news\/infosys-founders-share-sale-no-bad-thing-investors\/59081853","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":59081915,"entity_type":"ARTICLE","title":"GST: Impact on SMBs, technology services and startups","synopsis":"While GST has been hailed as a much-needed overhaul of the indirect tax system, many SMBs across sectors - services and product alike - are wary of its impact on them.","titleseo":"telecomnews\/gst-impact-on-smbs-technology-services-and-startups","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"ET CONTRIBUTORS","artdate":"2017-06-10 17:29:57","lastupd":"2017-06-10 17:29:57","breadcrumbTags":["GST","policy","Service tax","Startups","SMBs"],"secinfo":{"seolocation":"telecomnews\/gst-impact-on-smbs-technology-services-and-startups"}}" data-news_link="//www.iser-br.com/news/gst-impact-on-smbs-technology-services-and-startups/59081915">