New Delhi. The central government, for the implementation of Goods and Services Tax (GST) from July 1, is patching its back, but small businessmen are restless. They have to complete even more paperwork and legal formalities than ever before. After the implementation of the new tax system, not only the industry, accountants but also the work of banks will increase. Actually, small businesses will have to pay 37 tax returns in the new system. While only 13 tax returns have to be filled in a year. On the other hand, the Indian Banks Association has informed the parliamentary panel that its member banks are still not ready to apply the GST. According to the rules, now all forms and taxes will be filled online. For this, the entire system will have to be updated. Every three months will have to file returns.Businessmen will have to submit three types of returns every month. Apart from this, a return will have to be filed annually. If a trader’s business is in more than one state then he will have to file more returns. It is believed that if a trader’s business is in three states, he will have to pay a total of 111 tax returns in a year. It is clear that it will be necessary for all the business people to take services of CA-like professionals. This will increase their expenses.
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