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.
About the Author: Gaurav Baheti completed his B.Tech in Computer Science from Guru Govind Singh Indraprastha University, Delhi, India. He provides insightful details about his journey as a UI and UX designer and how he got internships at Zomato and Google, New York, USA.
As I entered college, I started working on creating designs and joined freelance sites like Warrior Forum, Fiverr etc. It was difficult to get started as a freelancer because people didn’t trust beginners easily. I remember my first freelance project was making banners for an online forum, free of cost. I kept making these banners for some time and mentioned them on my profile. Soon, a lot of requests started coming in and I began charging a minimal fee ($5) for them. From logo designs to web apps, I created a lot of designs for various projects.
Finally, GST Constitutional Amendment Bill passed in Rajya Sabha.
In the biggest tax reform in Indian history since Independence, the Goods and Services Tax (GST) Constitutional (One Hundred and Twenty second Amendment) Bill 2014, was approved by the Rajya Sabha on Wednesday which the Lok Sabha had already approved last year on 6th May 2015. Read More …