is very unique by birth it is known for good hospitality and ecofriendly
business environment for small and big player equally by RBI survey almost
nine million SMEs are existed in India. what you see and hear both are not
correct some time such situation emerge than the role of SMEs come in picture
let me clear it by giving estimation by researcher that Number of SMEs are
behind one big company. That is why contribution of this sector is directly
7% and indirectly 30% in economy .But since implementation of GST raises
several questions on very existence of the sector because 70% are not in
threshold limit of GST so these are not in range of getting input tax credit.
Under the previous tax regime, if your business had operations across many
states, you would have to register for sale tax/ VAT with each state's sales
tax department in order to do business activities .The reason that every
state had different tax laws complicated the entire process, and business
owners had to pay many procedural charges for VAT registration and
uncontrolled chain of cascading started. Under GST, the registration is
centralized and the rules are uniform for all the states across the country.
Abbul Hasan Khan"Psychological Impact of GST on Small Business"
Published in International Journal of Trend in Scientific Research and
Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-2 , February 2018,
Article URL: http://www.ijtsrd.com/management/accounting-and-finance/9446/psychological-impact-of-gst-on-small-business/abbul-hasan-khan