The significant step is to remove the speculation and address the genuine concerns of the entrepreneurs which is government’s priority.
There are concerns at every level to be clarified, addressed through forums which are being organised to guide the entreprenurs. Tax experts and professionals engage with the business community to represent their concerns to the government. The deliberations pertain specifically to seeking revision of tax waiver by enhancing the upper limit of the turnover in the context of GST.
In a country like India, governing is not that easy provided the co-operation from people and empathetic understanding from government and policymakers decide the way forward seamlessly.
What really matters now is, not about whether GST will be implemented but about when is it going to be implemented. The first push in this scheme of thing is the buy in in all corners of the stakeholders. The GST Constitutional Amendment bill passed in Rajya Sabha and GST Council is active in meeting the state representatives and deliberations going on for arriving at mutual consensus. The road map is now clear.
The pivotal aspects of GST pertaining to SME or MSME is awareness of the impact of GST and preparedness towards leveraging the opportunity with the positive outlook to raise the bar and increase the effectiveness in the organisation. Many entrepreneurs look at it from the perspective of one more tax reform or change over. Whereas I look at it from the following perspectives to educate and create awareness among the entrepreneurs in general.
It is not just about tax reform but transformation of the way we do business.
It is about change of mindset to run the business most effectively every time.
It is about change in the way we strategise our business and use the opportunities.
It is about value system and credibility aspects that determines business longevity.
It is about customer-centric focus in terms of passing the benefits and retain the customers forever.
It is about game changer in the organisation with respect to employees understanding, productivity enhancement in handling systematic approach and error free updates, uploads which will determine the organisations performance overall.
It is about cultural shift if I may be permitted to say. Coming into the mainstream of taxation by the unorganised businesses lead to social acceptance for them and it needs great deal of understanding.
It’s about centre state governance with mutual trust and respect.
It’s about technology driven model and end customer will have new experience.
It’s about change and embracing change is the only way one can look at it for survival, growth and increasing their business in multifold.
M K Anand, SME Advisor, Co-founder, See Change Consulting