GST Norms Needed to Get Simplified in the Interest of SMEs: Bharat Goenka of Tally Solutions

India's largest accounting software brand and one of the most acknowledged software brand by Indian SMEs, Tally Solutions hopes that Goods and Services Tax (GST) norms would be simplified further in order to help small and medium enterprises (SMEs) for filing returns and claiming input tax credit.

"We hope that the norms and guidelines will be simplified further to help small businesses to file returns and claim input tax credit," says Bharat Goenka Managing Director of Tally Solutions.

With every change in norms requires changes in technology and there were both positive and negative reactions among the small businesses about the new indirect tax law, he said.

He also said, the GST Council is, however, quick to adopt the requisite changes to make the tax system more friendly.

Also Read: SMEStreet and Tally Solutions' Joint Activity to Understand GST Penetration among MSMEs

Recently, the GST Council raised the threshold limit for Composition Scheme to Rs 1 crore and allowed quarterly return filing for traders having Rs 1.5 crore turnover to ease the tax filing for small traders.

Small businesses should be allowed to submit monthly returns instead of quarterly and the recent move of allowing quarterly filing will delay the settlement for realising the input credit by the businesses, said company's Executive Director Tejas Goenka.

He said that more than 70 percent of the taxpayers fall into this bracket.

He also said that the government's proposal to introduce rating system for the dealers would dampen business sentiments.

"The amount of confusions among the businesses that exists today, one just cannot rate someone on the basis of the filing they have made," he added.