Forum: Entrepreneurship Forum
Speaker: Expert speakers
The Goods and Services Tax (GST) had become a reality now and it would be beneficial for SMEs, said Mr Akash Agrawal, Chairman of VIA Entrepreneurship Forum. He was speaking at the panel discussion organised by Entrepreneurship Forum of VIA on the topic ‘How to grow your business taking benefit of GST.’ He said “MSMEs can be benefited and grow their business post GST.”
Expert panelists shared their views were Mr Suresh Rathi, Managing Director of Supriya Packaging Pvt Ltd., said“Small entrepreneurs must develop a sense of responsibility and stop complaining as there is ease of doing business, open access to marketing and support of Government. GST will increase GDP.”
Mr Vaibhav Agrawal, Managing Director of Vaibhav Plasto Printing and Packaging Pvt Ltd., clarified that before GST, business was divided into many categories but now there was one category. “There is no mental barrier. Same rule for all and therefore business will become easy. Previously, VAT matching discrepancies were asked after one or two years and there was a lot of problems in rectifying them. Now, in GST everything is time-bound and to do business is easy. Even the purchase cost will be reduced by 2 per cent as there is no CST,” he said. He said that earlier there was a lot of supplies from free zone stocks but now with one tax the market was open for all. He said: “Small entrepreneurs had competition within themselves, and had little chance of progress. But now with GST, everything will reflect in one’s books. Getting funding for scaling up the business from banks and other financial institutions will be more easy.”
Ms Shilpa Agrawal, Director of Akash Furnitech Pvt Ltd. said “After implementation of GST, the most benefit for the small industrialists is that now all four boundaries are open for us. We can sell our products throughout the country.” Counting the benefits of logistic importance to the city, she said, “It is a big opportunity for the unorganised sector to come into organised sector. Accounting in GST is simple as it is system-driven. Small entrepreneurs should excel to raise the bar of their business.”
Mr Pratik Tapadia, Director of Tapadia Polyesters Pvt Ltd., said “It is a good opportunity for those who wish to start their new business as they have to make only one GST registration. Now, there is ease in doing business along with transparency. The hassles of ‘C’ form and ‘H’ form are now over and one can even now have access to bigger pool of suppliers throughout the country.” Mr Tapadia also elaborated on how export has become easy. He pointed out that procedures of export had been simple and cost of export had been reduced.
Mr Aditya Saraf, Director of Nice Software Solutions Pvt Ltd., said that it was the good time to start business and to re-align internal process. “Adopt and move on to scale up, make internal process stronger as most of us will be saving the unproductive time. Previously, time was wasted in moving from one tax window to another. Now, it is online at one single window. Now, the level-playing field is much bigger and one can target across the country.” He also said that out of all the countries that had implemented GST, no country had complained that GST was bad.
CA Girish Deodhar from G P Deodhar and Co., said “GST for small entrepreneurs means ‘Grow with Single Tax’ as 17 taxes and 22 cess are combined into a single tax. So tax terrorism which was much talked before will now come to an end.” He also clarified that in India, the logistic expenses which cost about 13 per cent as compared to 8 per cent in other countries would come down. “Success of the entire scheme lies in input credit. Data certified by the GSTN will get good financial ratings. There will be democratisation of credit to new industrialist. Easier for FDI as laws uniform throughout the country so GST is grand simplification of taxes,” Deodhar stated.
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