Mid Size Traders most challenged by GST
Mid Size Traders (20 Lakhs-5 crores annual revenue) are greatly challenged by GST.
Most of them were operating without computers with a monthly CA visit. They also have a ton of old stock.
Now there CA expenses have tripled, need to invest in a computer and an accountant and get rid of the old stock, some of it at a loss as they can't change mrp.
My conversation with 3 of them: Demonetisation was a big blow as business went down and took 6 months to come back. GST an even bigger blow as cost and loss will go up in short to medium terms. One even said, its not worth being in business.
Traders are 80% of bharat. Hope the PM realises that traders are the small fish. If they are having troubled times, the crony capitalists dont get it easy. Otherwise, its a political disaster in the making. more
Most of them were operating without computers with a monthly CA visit. They also have a ton of old stock.
Now there CA expenses have tripled, need to invest in a computer and an accountant and get rid of the old stock, some of it at a loss as they can't change mrp.
My conversation with 3 of them: Demonetisation was a big blow as business went down and took 6 months to come back. GST an even bigger blow as cost and loss will go up in short to medium terms. One even said, its not worth being in business.
Traders are 80% of bharat. Hope the PM realises that traders are the small fish. If they are having troubled times, the crony capitalists dont get it easy. Otherwise, its a political disaster in the making. more
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Oct 31
Mr Sanjeev Singhal put it very correctly. He has moderated mid-size traders not paying proper taxes at 80%. I believe it to be almost 100%. Demonetisation did hurt them because they were dealing only in cash with minimal invoices generating black money and paying practically no sales tax or income tax. Now there will be accountability and hence they are complaining. more
Jul 15
Well correct . Income and Wealth created and generated by these amounts to Billions of Crores in value . All these are to be drilled out enforcing the Rates of Income and Wealth of these 2 and half decades . more
Jul 15
A lot of mis-conceptions about GST are due to the false rumours that are being propagated by those who do not understand this tax or are opposed to it because they now have to report all their transactions. Had the business community, by and large, worked in a transparent and ethical manner by paying proper taxes, the need for the compliance processes prescribed under GST may not have been necessary. Unfortunately most traders did not report their full turnover. When you say he was managing with on accountant coming once a week and without a computer, he was writing his account books only to the extent where he will report a turnover/profit level for which no tax is payable. Rest of the turnover/profit will go unreported. This unreported turnover will have to be reported now. Hence the problem. Is it fair to people who pay regular taxes to bear burden of even those who pay no taxes.These people who pay no taxes want all facilities but will not pay taxes. more
Jul 15
' Had the business community, by and large, worked in a transparent and ethical manner by paying proper taxes, the need for the compliance processes prescribed under GST may not have been necessary ' that confied by Sri Sanjeev Singhal IS THE ROOT CAUSE FOR THE DOWN FALL OF INDIAN ECONOMY AND THE PATHETIC STATISTICAL FACTS OF 2011 Prove this fact . more
Jul 15
It seems that GST is still not understood by them. They need some knowledge and getting acquainted with it. more
Jul 14
I agree. If an employee earning4-5 lacs has to follow all the rules of Income Tax,why traders ( doing turnover of 20 lacs and above and earning 15-20 % min.profit )can not follow the rules of GST.Why excuses? more
Jul 14
