“The GST is not just a tax reform it is a lifestyle reform that will change the way business is carried out in India”.
The level of unpreparedness is even greater among small businesses and tiny outfits. Many small entrepreneurs feel they can bypass the GST if their turnover is less than Rs 20 lakh. The GST Input Credit can only be taken when the buyer is also registered under GST. There is every possibility that the seller wants to take credit of the GST input credit otherwise the entire tax is to be borne by his business. Though the turnover is less than Rs.20 lakhs it is advised that all are registered under GST.