Staying on top of the GST deadline can be a nightmare for many business owners
On the 30th night of June 2017, India rolled out a significant tax reform named the Goods & Service Tax. The Government has got praised for this tax regime system that has brought new dimensions to our nation. Our country so far has taken more leaps towards a new order in taxation history. Any changes cannot happen without disruptions. The rollout of GST has disappointed many business owners by creating complexity. Post GST era has witnessed numerous errors, strikes, and mismatch in returns. Even the World Bank calls GST a highly complex Taxation System.
Many industries, small enterprises, and businesses had their real nightmare in decoding GST due to technical glitches. The last day of filing returns by taxpayers created huge and frequent crashes due to the heavy load on the server. Though this is a golden opportunity to address your business methods, instability on the programming side of the portal made many taxpayers not filing their monthly returns.
The filing of GST Returns can create lot more difficulties for the owners as GST tax can affect every single unit of their business. It also impacts the accounting department, supply chain, financial reporting, and tax compliance. According to small business owners, our GST portal is a burden for their business. It is nightmare for business owners to stay on top of the GST deadline because of its procedural pain and filing without guidance.
Filing GST Returns shall need some help from Chartered Accountant who can handle that. Many companies find themselves lost without a CA as this GST portal looks so complicated and complex. It is not that you can’t do it, but it would take more time to file the returns. Filing them and concentrating on your business at the same time will be tough for many business owners.
Small business owners who can’t spend on professionals suffer to make their business a huge hit. Besides the procedural pain, it takes many attempts to finally fill up a form after months of work and if you can’t meet the deadline you have to pay a penalty of many currencies of thousands as well. Small and medium-range businessmen are hesitant to complete this form now since it will cost more money for them. Hence, they keep themselves away from filing returns.
It will be extremely difficult for a person with poor communication skills in English to file the returns in an online portal. The only way out for business owners is to seek professional help. myBooks software can instantly offer a solution to relieve business owners from their nightmares.
myBooks financial software will solve the prime pain points that have been mentioned in this blog. Our services can add lots of value to many business owners. We can give deep guidance and insights that can help you in completing the entire process seamlessly within a month. Avail of our services to lower down your financial burden and to stay on top of GST deadlines with proactive reminders.