GST Impact on Startups

GST for startups, a blessing in disguise or unnecessary complications?

GST will have a huge impact in many industries. The media and industry officials are constantly discussing how GST will change the way India is doing business and how some will benefit from this change in the tax system.

With hopes that GST is implemented correctly, the potential benefits outweigh the drawbacks and India might become a better place to do business, both for locals and foreign investors. This can only benefit startups and other small businesses, so there is no better time like the present to prepare for the changes that GST will bring.



GST for IT

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GST for Manufacturing

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GST for Services

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Some key changes for startups:

Now

now

Need to register for TIN when turnover exceeds INR 10 Lakhs

now

Compliance under Excise, VAT, CST, Service Tax and potentially others

now

Tax paid at every state border, making it difficult for startups to deliver all over India

now

Having to go to tax offices for registration and filling

GST

gst

Need to register for GST when turnover exceeds INR 20 lakhs

gst

Deal goods, services or both, and pay one GST tax

gst

Free flow of goods all over the country, removing entry taxes, paying only IGST

gst

Do it yourself online: registration, returns, payment of GST all through one portal


Potential problems for startups & businesses:


  • Service Providers ChangesCompliance: Ensuring all invoices are kept properly and tax returns are filed on time, with little time to spare for such activities
  • Service Providers ChangesGST implementation: not knowing what to do might cost a business more than it has to give. Planning ahead for adopting GST is crucial.
  • Service Providers ChangesCash flow: GST returns are filed up to 3 times/month, stay organized and on top of your financials with bills paid on time.
  • Service Providers ChangesUseful technology: Startups usually have the advantage of easily adopting new technologies, but their business depends on finding the right fit.


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