GST to smoothen taxation, bring in transparency: Experts
GST will not only ease the process of taxation, but bring in transparency, say experts.
At an interactive awareness programme for start-ups here, the experts said the government is expected to resolve the queries of entrepreneurs regarding GST.
"GST will not only ease the process, but also bring transparency as all the invoices needed to be uploaded by sellers are visible to the buyer every month," said Manish Ojha, Development Head of KDK Softwares Pvt.
CEO Mohit Bhambani said many startups are into e-commerce and their logistic costs go up, with 11 categories of taxes levied on the road transport sector.
Referring to a report of Crisil, Bhambani said GST can reduce logistics cost of companies producing non-bulk goods by as much as 20 per cent.
At present, he said various road permits are required under state CST rules and also declaration forms for availing of lower taxation rate.
"Likewise, many such hassles will be removed for ease of business operations," he said.
Several startups attended the session organised by the city based incubation centre Startup Oasis and KDK softwares.