If you think that only big-gun businesses contribute to the Indian GDP, you need to turn your head around. In India, small as well as medium scaled businesses also contribute towards GDP and the comprehensive economic growth of our country at large. But, every sort of business feels the burden of compliance when it is all about GST, Goods, and Service Tax. No doubt, GST is one of the biggest tax reformations after independence. Though, managing GST compliance seems daunting for businesses and most consumers until and unless a chartered accountancy firm like CA Chandan Agarwal & Co helps to cope with GST compliance.
Reasons Small Businesses Struggle With GST Compliance
Today, we would know why small businesses and/or start-ups struggle to cope with GST compliances.
1. Financial Restrictions: Yes, small businesses and start-ups struggle due to constrained budgets and hardly manage to allocate accounting resources to run a business without financial hassle.
2. Lack of Expertise: There is hardly one to manage the accounting and taxation matters for small businesses. The absence of accounting and taxation experts creates a giant problem for businesses to cope with GST compliances at the end of the fiscal year.
3. Absence of the Right Tool: Most small businesses fail to abide by GST compliances as they don’t have the right tool to generate, manage, maintain, store, and record invoices around the year. Thus, it creates a huge problem to look for a personalized GST solution due to the absence of invoices.
4.No Customized Accounting Software or ERP Software: Most start-ups/small businesses count on free accounting and ERP software. This free software hardly helps them in GST compliance.
So, if your business is small or it is a start-up, you can consider CA Chandan Agarwal & Co to meet all your GST compliances hassle-freely. You can get all kinds of assistance in GST billing, account statements, GST return filling, and more when experts would be there for your help.