We have been surrounded with a buzz on GST and its impact on various industries. Most of the discussions are happening around how GST will impact the way India does business, how various industries are going to benefit from the shift in tax regime and how this will optimise the GDP of India.Large enterprises are preparing to accommodate their systems with GST. The government is also moving forward swiftly to meet its April 2017 deadline.Most of the compliance procedures will be done through online mode only. These include taxpayer registration, return submission, tax payment and refund claims.However, under the GST law, all of these refunds will be processed online and thus timely refund can be expected. Hence, it’ll boost the liquidity of small and medium businesses and startups.
Analysts are of the opinion that if GST is implemented correctly, India will gain a higher position in the ease of doing business index maintained by the World Bank and will boost foreign investments in India and into the startup ecosystem.