GST, a big challenge for small firms, corporates alike

small business india

Companies and small businesses will face a challenge in finding experts on Goods and Services Tax (GST) when it is implemented from July 1.

GST will hit big companies and small vendors, contractors, caterers, packers and SMEs “like a Tsunami,” according to K Vaitheeswaran, an Advocate, Tax Consultant and an expert on GST.

Finance professionals will need to bone up on GST.“In the last six months, I spent half of my time learning about GST,” said R Soundar, an accounts manager with a furnace company in Ambattur.

The Central Board of Excise and Customs has been conducting training programme to make its officials GST-ready. Private institutes and the Ministry of Skill Development and Entrepreneurship are also providing training on the new tax regime.

The registration limit of₹20 lakh will bring in a large number of small businesses under the net, said Sathya Pramod, CFO, Tally Solutions.

Demand for accounting firms and tax advisory companies will be three to four times the available pool, said Rituparna Chakraborty, Executive Vice President, TeamLease Services, a recruitment company.

Audit and tax consulting firms are hiring a large number of GST specialists, said Sanjeev Jha, CFO, Kelly Services India, a recruitment firm. Many are even on talent hunt from countries like Malaysia, which had rolled out GST a few years back.

Source : http://www.thehindubusinessline.com/economy/gst-a-big-challenge-for-small-firms-corporates-alike/article9699903.ece
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