the goan I networkrPANAJIrrAccounting softwares gave a lot of headache to businesses. Nidhi Mishra, owner, Fashion Deck said, “Our consultant has not updated the accounting software to make it in sync with GST.” rTill June 30, accounting software like Tally were in sync with taxes like value-added-tax (VAT), sales tax, excise duty and etc. rBut, from July 1, these softwares should be in sync with GST regime, which means they should have information about how much central government GST (CGST), ), inter-state GST (IGST), state government GST (SGST) will be applicable on each product. rThis change in software hasn’t happened in the case of many traders. rSandip Bhandare, noted chartered accountant, said, “I am getting calls since morning from people asking me how to generate invoice with GST, how much tax is applicable on a certain product. This shows lack of preparation on the part of traders.” rHe continued, “In many cases, the owner of a business has left the whole process of invoicing in the care of an accountant, who himself is struggling with GST.” rBhandare said this is baffling since the new GST rates were announced days in advance by the Centre. rCar dealers had a different situation, as Prashant Joshi, owner of a Hyundai dealership, said, “Our billing process hasn’t started. This means that we will not be selling cars in the first three to four days of GST implementation.” rHe continued, “We are connected to global management system of Hyundai. This system is in the process of getting upgraded for GST. Once that is done, we will be able to make sales.” rCar dealers also informed that the manufacturers were yet to inform them about the changes in price of several models of cars due to GST implementation. rrr Many traders have not got their accounting software updated for GSTr Sales affected on the first day after GST came into forcer Traders struggle as different tax rate for products need to be entered in accounting softwarer Many businessmen have appointed CAs to deal with initial hiccupsr Till June 30, accounting software like Tally were in sync with VAT, sales tax, excise duty etc
Businessmen fail to get the G(I)ST of it on Day-1
On its first day of implementation, the goods-and-services-tax (GST) kept the trade community on their toes, as a lot of traders grappled with their accounting software, while some of them did not even know how much tax was applicable on the product they deal in.
