Disadvantages of GST

Not being GST-compliant can attract penalties Invoices for GST must be GST-compliant, digital record-keeping must be adhered to, and GST returns must be filed on time. Small and medium-sized enterprises (SMEs) might still be unable to grasp the nuances of the GST tax regime. Invoices issued under GST-compliance must include mandatory information such as GSTINs, supply locations, HSN codes, etc. Operational costs will increase as a result of GST Businesses will now be required to employ tax professionals in order to be GST-complaint since we have already established that the GST is altering the method of tax payment.Small businesses will […]