GST Impact

It's Time for Business Owners to Realise the True Potential of GST

a little bit of patience and investment of time will help GST offer benefits to the economy like never before
It's Time for Business Owners to Realise the True Potential of GST
Image credit: Shutterstock
Managing Director, Alankit ltd
5 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Taxation has never been an easy subject to grasp. Be it a matter of direct taxation or indirect taxation, even the most evolved individuals require assistance of experts. With implementation of the GST regime last year, things have become more complicated to comprehend for many businesses, individuals and even the experts. But if the new taxation structure is under a microscope, one would realize how simple and useful the GST actually is. We are in the initial phase of GST implementation, a little bit of patience and investment of time will help the GST seed to blossom into a beautiful flower and offer benefits to the economy like never before.

Trust the System

Filing taxes can be a painstaking exercise if set norms are not followed step by step and can amount to a lot of mental pressure. In these early stages, it is very obvious that we need someone to hold our hand and guide us through this tedious process. But more importantly, we need to trust the system and bring about a change in ourselves, first. It is natural human tendency to do the tough / difficult things at the last minute, taxation is one of those. Not only do we wait for the last day, we also pray secretly that the deadline for filing taxes be extended. You cannot possibly expect a server to hold up under the weight of millions of Indians when we wake up to file taxes at the nth hour!

A part of the credit of the current fury about dysfunction of GST server and related technology goes to our reluctance towards adoption of new-age digital methodologies of doing business. We’re looking at a country of over a billion. What we need first is a behavioral change. A revolution, to be precise. The middle class has a lot of benefits to reap under this regime-if and only if we follow to bloom / grow at all levels. Before questioning a system which has the potential to change the way we look at taxes, we need to question ourselves. Having said that, filing GST is a tad bit complicated and for people who have never used a computer or internet, it is an alien concept.

Courses to Understand GST

Therefore, there is a two prong task at hands of industry experts and academicians. One, is for experts and thought leaders to train the trainers’ active in the business to keep the current breed relevant and agile towards dynamic changes. And, other is for academicians to prepare the upcoming experts who are currently students, for the next practices. Experts and thought leaders have come up with coaching classes to educate the masses about GST.

A person who has no knowledge about GST can attend these courses and educate himself/herself about GST. There are custom made courses for everyone- a short-term course for someone who wants an overview of GST, and a long-term course for experts who want to get into the nitty-gritties of the same. People can select a course which suits them the best and open up their minds to the expertise that the GST gurus have to offer. In a time where the citizens of our country are in doubt about the whole tax regime, these courses are a boon if leveraged fully.

Advantages of GST Guidance

These courses will provide clarity to one and all about GST- what it actually is, how to file your taxes, how to claim returns, etc. There is a spectrum of courses to choose from, so the choice should be made wisely. There is going to be a huge crowd heading in a particular direction. An individual needs to select a course which suits his/her need the best. Following the majority and basing your choice on the same, would be a huge waste of time and resource. As an individual, you need to choose a course which is holistic in nature and seems rewarding. The faster we wrap our heads around GST, the sooner we’ll see the benefits it has to offer.

GST courses have more than one advantage- the obvious one is imparting knowledge about Goods and Services Tax, and the other one being the array of job opportunities it opens! These courses have more than one advantage- the obvious one is imparting knowledge about Goods and Services Tax, and the other one being the array of job opportunities it opens! These courses have opened the doors to a variety of jobs ranging from finance to technology. Since the implementation of GST involves the use of a lot of technology, people having a fair idea about it can share their thoughts with people who don’t. Jobs come in all shapes and sizes and you have to be attentive to grab them as they come.

Open Your Mind for Maximum Absorption

The whole issue surrounding GST and how complicated it is can be simmered down if people choose the correct course and enlighten themselves. People need to open their eyes and their mind for maximum absorption. Like every decision in your life, you have to make this one wisely as well. GST is here to stay and it would be nice if we open our arms and gracefully accept it.

More from Entrepreneur

Learn to be a better leader and develop successful marketing and branding strategies with Dr. Patti Fletcher's help.
Book Your Session

For a limited time only, get this bundle of Entrepreneur PressĀ® titles for less than $30 (60% OFF) on our bookstore when you use "LEAP" at checkout.
Buy Now

Are paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.
Get Your Quote Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.