6 Reasons why not go for GST voluntary registration
If your business is generating less than 20 lacs revenue and you are looking for GST voluntary registration then hold on and think twice. You might be pushing yourself under unwanted trouble considering current business scenario.
Find below 6 reasons why not go for GST voluntary registration
GST Portal is slow
GST portal that is used to file tax return is running slow since long time and unable to bear load of too much tax payers. There have been reports that the site crashed multiple times causing unwanted trouble to small scale businessmen.
GST Compliance Requirement
Once you registered under GST then you will be treated as a regular tax payer and must file monthly returns. Existing registered users are already struggling too much with the GST so think before you go ahead with registration. Your registration will be force you file returns on regular bases as GST compliance requirement.
GST filing online involves time and cost
GST filing online is easy but it is a time consuming process due to multiple returns and most of the users do not have proper knowledge about the same. Moreover if you wish to hire a CA to perform this activity there is cost associated and will be paid by you.
No training provided by the government
Now after few months of study it is clear that the government took this decision in hurry without appropriate arrangements and it can be called politically motivated decision putting unwanted burden on small scale industry. No formal training was provided to common man and small business owners because till end moment they were busy in deciding tax slabs and rates and there was no time for training.
Input tax credit delay
For sure input tax credit is a good move but there are unwanted delays in payment from government. Your money is with government and there is no interest paid. Just calculate how much input credit you will get and how much fee you are paying to your CA. If the difference between two is minimal better bear some loss that putting so much pressure on your head. At least you will be able to concentrate on your business.
Unwanted trouble for existing tax payers
As an Indian citizen we should always encourage anything that is good for our nation. GST is a good initiative but it could have been much better than its current state. But still we have to live with reality that GST is here and must be implemented across the nation. So if your business is less than 20 lacs and you are able to manage your business without GST registration, wait for things to settle down. It may take some time but for sure people will overcome this situation. Then you can register and enjoy the benefits.