After demonetization, GST i.e. Goods and Services Tax is the new twist in the Indian economy which has completely altered the system of business entities of the country. The presence of GST has poured a sigh of relief for many business owners as its one nation one tax approach prevents them from paying multiple taxes. But they also need to make some arrangements to make their business entities compatible to GST.
There are more than 3 million small businesses in India with a noteworthy contribution in 42% of exports. After GST they will need to do some big alterations in their strategy, including their accounting and billing system.
Immediate effects of GST on business accounting