Mallikarjun writes extensively on how the GST is proving to be a boon for small businesses in India. He believes GST holds a big promise for taxpayers to streamline their business and accounting processes while availing the maximum tax benefits. The only caveat, he maintains, is that businesses must be punctual and precise in following the procedures laid down by the GST Council.
A big believer in GST, Mallikarjun feels the tax reform has revolutionised the way business is carried out, and the way a tax system works. His writing explains how GST has simplified the return filing process for businesses and harbingered an era of accountability and transparency, paving the way for eliminating tax-related corruption to a large extent.
“Internationally acclaimed systems play a crucial role in streamlining accounting processes, billing, bill-wise/ledger-wise data, generating balance sheets, and most importantly, generating GST compliant invoices. Also, the responsibility of reconciliation is on the taxpayer, who has to continuously follow up with the vendor and also maintain his records precisely. An advanced GST ready software system can also streamline the reconciliation process.”
