GST has made the process of doing business complicated Comment

• GST has introduced a multi-tiered tax structure, making the process of doing business more complex. Businesses now need to determine the correct tax rate applicable to each product or service they offer.
• Multiple tax slabs under GST have added to the complexity, with different rates for different goods and services. Businesses need to ensure accurate classification and calculation of taxes to avoid compliance issues.
• GST requires businesses to maintain detailed records of transactions, including invoices, returns, and tax payments. This puts an additional administrative burden on businesses, requiring them to invest resources in maintaining proper documentation.
• GST has also increased the compliance requirements, such as regular filing of returns, frequent audits, and timely payment of taxes. This creates a continuous need for businesses to stay updated and ensure compliance with the ever-evolving GST regulations.
• Small and medium-sized businesses, lacking the resources and expertise, may find it particularly challenging to understand and implement the GST framework, adding to their burden.
• However, it's worth mentioning that GST aims to simplify the taxation system in the long run by eliminating the cascading effect of multiple taxes. It also promotes a unified market across India, helping businesses expand their reach.

While the initial implementation of GST may have caused complications, the government continues to make efforts to streamline the process and address concerns raised by businesses.