More than 750 business owners participate in the study conducted by SMEStreet and the results indicate that there is a fair distance to traverse before India Inc becomes GST ready.
Key Findings of the GST Preparedness index:
66% respondents have not adopted a software for GST yet.
72% have not heard of invoice matching one of the fundamentals of GST.
Tally Solutions Pvt Ltd, the premier Indian Enterprise software company in association with SMEStreet, online publication dedicated to the cause of SMEs and MSMEs in India, announced the results of a study conducted among SME business owners on GST Preparedness.
More than 750 business owners participate in the study conducted by SMEStreet and the results indicate that there is a fair distance to traverse before India Inc becomes GST ready. Some of the highlights of the survey include
- 66% respondents have not adopted a software for GST yet.
- 72% have not heard of invoice matching (one of the fundamentals of GST).
- The 40% figure on lack of GST awareness further drives home this state.
Speaking on how Tally has solved for some of the problem statements that have emerged, Mr. Tejas Goenka, Executive Director – Tally Solutions said, “While the survey has definitely raised some key issues which need to be dealt with, we at Tally are happy that we have already provided some solutions. On the education front, our exclusive GST awareness blog (blogs.tallysolutions.com) has been in the running for almost a year now. We launched our GST ready software more than 3 weeks back which promises ease of use and simplicity like all our earlier products and GST billing from Day 1. It has already been downloaded more than 1.5 million times. For those businesses who haven’t automated yet, we have partnered with CAIT and Acer India to bring Biz Guru, a one stop plug and play solution for accounting and GST which couples Acer’s hardware and pre-installed GST ready Tally.ERP 9. We are committed to helping business across the country be GST compliant.”
“GST is definitely the biggest game changer for the economy and society as a whole. If we keep aside the large businesses, it the MSME which dominates the economy in terms of size and scale and contributes significantly in almost every field of economy. Since SMEStreet is committed towards the MSME segment, we felt a strong need to understand the on ground reality with respect to the preparedness of this segment, hence we decided to do this survey. We utilized our online platform, social media channels etc. and got phenomenal response in less than a fortnight. The survey finding shows that there is a huge amount of confusion among MSMEs which needs to get addressed quickly in order to make the system work smoothly. GST Preparedness Index is an effort to showcase the on ground status of financial preparedness among MSMEs,” says Faiz Askari, Founder Editor of SMEStreet.in .