3 Business Sectors that Technology Will Help Adapt to the New GST Changes

The news that has shocked Indian companies was made known in the middle of this year, when the Indian government announced the creation of a panel of seven ministers of state to examine in depth the performance of the goods and services tax (GST) in each of the business sectors in the country, and thus assess whether it is necessary to adopt new valuation methods.

Members of this panel include Goa’s Transport Minister Mauvin Godinho and Maharashtra’s Senior Deputy Minister Ajit Pawar. As agreed six months ago, the final report, the result of this extensive evaluation, should soon be presented to the media. Therefore, the countdown has begun for companies in terms of figuring out how to adapt to the changes that this will bring about. And, since some industries will see more change than others, the good news is technology is already far advanced enough to help ease the anxiety of those businesses that will have to work through the biggest changes. So, below we tell you what these sectors are and how they will be helped.

Freelancers related to software services

Every day more people decide to work as self-employed. It is now a fact that within the tech industry, freelancers are a sector that refers to those specialized in designing creative and user-friendly web pages, and developing applications that will improve our quality of life. Definitely, the type of services that are in high demand today.

However, it is a decision that while it allows people to work on what they are passionate about, at the same time it means fulfilling many responsibilities that take time away from their main tasks. But with the GST system, any future changes will not involve more work, as there are electronic measures for billing returns or registrations with QR codes. These daily procedures are designed to be simple for every business sector.

Online Casinos

One of the fastest-growing industries in India is online casinos. This sector plays an important role in gaming software development services, yet its legal status is not very clear. Therefore, one of the goals of this panel of ministers is to create a tax for Indian online casinos that helps the sector to regularize its situation and begin to operate in a completely legal and transparent way.

In this case, the industry will have to adapt one hundred percent to a new system, but the GST system takes these types of cases into account, being up-to-date with respect to tax technology, that is, always having the generation at hand. automated electronic invoices, e-way bills as soon as a journal entry is posted, and litigation trackers.

IT products factories

Information technology is another sector that is experiencing strong growth and there is no doubt that the next GST regime will have a great impact on this business. Therefore, from now on it will be essential to have the hardware and software of the GST system, making the work much easier for accounting and ERP service providers, since by automating a lot of information in the system, the companies will not need their staff to have in-depth knowledge of up-to-date laws.