The availability of input tax credit for the businesses dealing with the supplies of goods and services is one of the major benefits of GST. The credit of input tax can be availed in the succeeding stages of value addition under the GST. Only the end-consumer will be the one who has to pay the GST charges in the last of the supply chain.
According to the latest GST news, digitalization is important for our country to reduce corruption and spread awareness about new currency and new systems of taxation and demonetization. Going digital will not only help businesses to improve but also benefits the customers as they do not have to run to the ATMs and banks regularly for drawing cash for various transaction.
After the GST roll-out, business owners and the employees are little distracted especially those businesses which are into supplies of goods and services, finance and accounts. However, such kind of working environment that is full of distractions can affect working efficiency of the employees and hamper their work. As a business owner, it’s your responsibility to motivate your employees in adapting the new taxation system and make them learn the new taxation processes, latest technologies used to file taxes, claiming returns and the conduct the supplies according to the current GST rates.
