Ten months have passed post-GST when it was launched in the country, many businesses are still struggling to understand the new indirect tax regime, and as a general survey, the market has around half of the businesses which represents manufacturers, wholesalers, and retailers who are yet to fully understand the working of GST.
There are around other 50 % of businesses who have implemented GST successfully and feel that it will ultimately bring growth for our economy in the long run and will assure ease of doing business with national as well as the International client.
Implementation of the GST anywhere in businesses has faced some resistance and challenges as in the first few months most of the businesses were unaware of such issues. There were many businesses which lack the knowledge, software and IT infrastructure to support this new online procedure.
but slowly has got a good acceptance in the market today. Marg ERP a pioneer in inventory and accounting software has helped many businesses to get GST compliant and has helped provided with the most affordable and user-friendly GST software.
Among the few challenges faced by the businesses matching of invoices i.e their outputs and inputs in order to be eligible for full input tax credit was a big issue for many businesses which was son resolved by top software companies. It has been just ten months since the tax system has been implemented and considering the scale of implementation, I think we are much better off.