How expense management software can take away some of the pain of GST
Seven months on from its implementation, confusion persists over India’s Goods and Services Tax. Much of it is beyond the power of the small businessman to control, but ExpenseOnDemand suggests that careful use of small business expense management software can take away some of the pain…
Some experts in India say the impact of the introduction of the country’s Goods and Services Tax, which was always claimed to be transitory, is starting to abate. As a result, it’s said, there’s been some improved demand in both urban and rural markets.
But, as we move into 2018, others would take a very different view. We’re into the seventh month of GST’s implementation throughout the country, and the tax has not yet settled down.
There have been changes in reporting frequencies, adjustments in rates for specific goods and services, and the changes go on. One of the most significant is the E-way Bill, which will be rolled out on a trial basis from February, and become compulsory in all states from June.
Some of the changes have been implemented to alleviate hardship on small businesses, which is helpful, but as long as there’s no line drawn in the sand, confusion will remain. And all the while the possibility that tax returns have been filed incorrectly is turning ever more into likelihood – with the consequent lost revenue for starts and central government.
So what does that mean for the small businessman, trying to do business in a web of new rules that shift and change like clouds of smoke?
The answer might be to look for some kind of beacon as a guide through the turbulent waters; some constant that will allow the seizing of control over at least some part of what’s going on. There’s a simple serenity prayer which sums it up. Exactly who wrote it is unclear, but that doesn’t dull the message – whatever your God. “God grant me the serenity to accept the things I cannot change, courage to change the things I can, and wisdom to know the difference.”
Whilst you’re waiting for that particular snippet of wisdom, we’d like to offer some of our own. It’s this: Take control of whatever you can in your own life. In your business life that means you should pay special attention to recording your business expenses with more gusto and vigour than you ever have before. Account for every coin, every note, in scrupulous detail, and then you’ll have the right information to plug into your tax calculations – not matter how taxing that might be.
Careful recording doesn’t have to be hard or time-consuming these days, especially if you get help from the ExpenseOnDemand business expense management software. Originally created as the first product of its kind developed for the sole trader, ExpenseOnDemand has continued to innovate to meet the needs of people sunning businesses.
We had updated it ahead of the arrival of GST, giving it the ability to perform tax calculations at whatever rate applied to why was being bought or sold. Usefully too, given the way the rates in some areas have fluctuated, it can also calculate different rates for pre- and post-change dates, so that whatever the rules turn out to be, you can be confident that your tax calculations will be accurate.
ExpenseOnDemand expense management software for small businesses allows the creation and deletion of expense categories too, so it can be tailor made to suit how you run your business, no matter what sector you operate in – and as far as we know, it’s the first business expense management software to be offered in multiple languages including Bengali and Hindi, making it an even better fit for doing business in India
Find out about our product, how it works, and how cost effective it could be for your business in the Goods and Services Tax maze on our web site here.
Picture: Syda Productions | Dreamstime