GST Helping the Indian economy Outgrow

With the onset of Goods and Services Tax (GST) contrasting impacts were noticed across all the major industries & organization across India. There has been a major change across all the market and this can be noticed if we check the way small and medium enterprises (SMEs) are operating in the country. GST a complete online tax filing procedure has helped several companies in GST adoption thereby allowing many of unorganized players into the organized fold.

All the firms who have adopted the latest GST Billing software by opting proper computerized accounts, moving out of purely cash-based unaccounted transactions to banking channel-based operations. The GST portal is now providing a complete connectivity with accounting software being used and more than 80-90% of filing is now happening through the GST portal which earlier used to happen manually making it a troublesome process for small businesses.

It’s true that India’s GDP did slip to 6.1 in the first quarter of 2017, but it has bounced back to 6.3 and continues to progress. If we see the present scenario India’s economy has grown up at an impressive 8.2 percent in 2018 -2019 financial year showing a positive impact on the overall Indian economy.

Not only that with the onset of GST software, but the Indian economy has also come one step closer to a common market i.e free movement of capital and services. Any Individual who looks to start up with a new business in India can start his business easily. In the last two years, India was ranked at 100 positions and has climbed another 23 positions in "Ease of doing business".

GST has created a soothing culture where there is a hassle-free movement of goods & easy transport system thereby plugging in the logistical inefficiencies. The introduction of both inter and intrastate movement of goods via the E-Way bill system has solidified the country's supply chain and put in place a structure that facilitates transparency. It is very clear that now a dealer can track their shipments with ease.

In the last one year, there has been many ups and down and amendments made in the GST and on many occasions, there has been heavy criticism reported. But the economy has shown picking the pace and with more number of people joining the GST registration the total collection of tax has crossed the one lakh turn over the mark for the first time since the onset of GST.

Another key highlight of this financial transformation is the growth in the job sector of inventory & accounting, taxation, and inventory management. Today more than one lakh job opportunities have been created ever since the onset of goods and service tax. There are many more changes yet to come, but we as a nation must take pride in where we stand today with this historic taxation reform. Implementing of GST in small to medium enterprises and educating them to file GST with ease has been a daunting task.

Marg Erp is a pioneer in Inventory and accounting software and serves more than 21 + different segments. Today the company has more than 9 lakh plus users who are ready to help businesses become Gst compliant.