Burden of GST Compliance on MSMEs opens new market for IT Industry

New Delhi, June 7 (KNN) The GST being in the final phase before its implementation from July 1, the ecosystem around the new tax regime is getting ready to tackle the compliance challenges. The challenges that the Micro, Small and medium Enterprises (MSMEs) may face in this regard has led to the opening up of a new market for the IT firms in the country.

In a press interview Gujarat Electronics and Software Industries Association (GESIA) Vivek Ogra said that the norms such as uploading of data on the GST server in real time might be a burden for the MSME units as they don’t operate on a large scale and might not have dedicated departments for the same, This creates scope for the IT industry to step in and provide the services to the MSMEs.

Ogra informed that during the initial roll-out, the businesses will take time to understand the implications and complications relating to the different aspects of the GST, ‘Ready to use-Technology Based Solutions’ can prove to be a lifeline in such scenarios.

He also informed that there are certain software firms that are working on providing immediate solutions for the MSMEs in complying with the GST.

Also with less than a month remaining for the implementation, industry bodies themselves are approaching the IT firms for GST solutions so that there can be smooth transition.

Under the new ‘One Nation One Tax’ regime, compliance are time-bound. Registered businesses are supposed to file three returns every month along with an annual return, therefore a total of 37 returns in a year. (KNN/ DA)