Govt push for GST compliance a boon for tax consultants: GST Dost

Kolkata: The government’s move to gradually bring small business under the Goods and Services Tax net is a boon for service providers, GST Dost has said.

The tax advisory startup estimates the total value of GST and related services at more than Rs 12,000 crore.

“The
introduction of e-invoicing for companies of Rs 100 crore and above will open new business opportunity for us. There are approximately 13,500 businesses in India with a turnover of more than Rs 100 crore,” Vikas Dhanania, president of GST Dost, told the
Press Trust of India.

GST e-invoicing is currently mandated for businesses with an annual turnover over Rs 500 crore.

The government has notified the mandatory requirement of e-invoicing for B2B transactions for businesses with a turnover of over Rs 100 crore with effect from 1 January 2021.

For the government it will lead to reduction in fraud cases in tax evasion, Dhanania said. “With government expanding the GST ambit to small businesses, we are aiming at a multifold rise in our revenue over the next 2-3 years.”