GST is gathering steam but glitches remain for SMEs

The Goods and Service Tax (GST) has had good impact on the manufacturing industry in India.
Starting out a bit rockily, GST implementation has impacted the manufacturing industry favourably by bringing in a unified and consistent tax structure. Businesses that were facing slowdowns in the early days its roll-out, are now picking up pace along with several other sectors experiencing the benefits of a common tax system. In many cases, it has led to input costs becoming lower. It has also reduced the transit time of transport thus leading to reduced costs and time.There are, however, a few issues that need to be solved right away. The government has not extended the prescribed due date of GSTR 3B for September 2018, which is supposed to incorporate all the reconciliation items regarding turnover, input and output tax liability for the financial year 2017-18.

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