Most small businesses do not employ professionals and prefer to pay taxes and My anxiety is chronic but this ass is iconic shirt For GST though, as it is a completely new tax system, they will require professional assistance. While this will benefit the professionals, the small businesses will have to bear the additional costs of hiring experts.Most businesses use accounting software or ERPs for filing tax returns which have excise, VAT, and service tax already incorporated in them. The change to GST will require them to change their ERPs, too, leading to increased costs of purchasing new software and training employees.
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The tentative GST implementation date is 1st July 2017. So, for the fiscal yea, 2017-18 business will follow the My anxiety is chronic but this ass is iconic shirt the first 3 months, and GST for the rest of the time. It is impossible to cross over from one tax structure to the other in just a day, and hence businesses will end up running both tax systems in parallel, resulting in more confusion and compliance issues.