If you are searching for Businesses ready for GST, you have weekly research on various bases to understand the status of businesses about GST ready. Goods and Services Tax (GST) historical reforms in Indian economy after independence. This article provides step-by-step Businesses preparation to handle GST in a professional way. This is a very complex question whether the Businesses are GST ready? The government starts implementation GST from 1 July 2017. It is a very complex question not to give a plain answer yes or no. there are many factors that consider whether the Businesses are ready.
Most Important Factor that can Consider on the Stage the Businesses are Ready for GST in India:
Survey Result: The popular survey result shows that Businesses are not ready for GST. The survey report includes 1000 manufacturer wholesaler and retailer to know the status of their business ready for GST. It is very important to understand the GST ratio to estimate about a businesses are GST ready. You can easily understand Businesses status for GST. The survey result shows that only 68% of businesses are not ready for GST system. Only 14% of total business are GST ready and look forward to follow new tax system. It is very surprising resort at 18% have only basic knowledge of GST. In this way, you can clearly understand that businesses are not ready for GST on basis of Survey result.
Implement on Each Level: It is very simple to implement new taxes system for big corporate house. They have to change the only financial system and can ready for GST. it is not easy task to implement new tech system at each level the real problem is implementing same at all level special for small wonder who supply goods to these cooperates house. Government should provide valuable training about GST to Small Wonders that can help them to understand GST system in easy way but government failed to provide training to Small Wonder. In this way, you can clearly understand that businesses are not ready for GST on local vendor stage.
Knowledge about Text Structure and Product Specific Tax: This is the main hurdle to understand tax structure according to different product specific taxes. The expert believes that it is very easy to tax system but you should understand the value of awareness among people about new text structure. You can say that it is the Dark Side of GST. On the basis of knowledge about tax structure and product specific taxes, you can say that businesses are not ready for GST. They not have any genuine information regarding GST.
Above these factors clearly indicate that businesses are not properly ready for GST. There is a long way to understand the new tax structure of GST. There are several benefits of new tax system. You should focus on both side of coin to justice or business is ready for GST. You should research on positive way that it is easy to the tax system and provide best solution for double tax problem. It provide many positive benefits to business in long run.