BENGALURU: Individual traders and companies, both big and small, are gearing up for migration from the Value-added Tax (VAT) system to the Goods and Services Tax (GST) regime, but foresee teething troubles ahead. The new taxation regime will come into effect across the country from Saturday.
Apart from extensive awareness campaigns about the new law which industry bodies across the country have taken up, adapting to the new software and billing system still remains a concern as no one has gotten a glimpse into what the new digital system looks like.
Speaking to Express, Padmanabha, president of Karnataka Smallscale Industries Association (KASSIA), said initially, they are likely to raise invoices manually until they get a hang of the new software.
“Till it is put into application, we won’t know how it works. Only after its implementation can we get to know about it,” he said adding that if there are any inconveniences, they can take the help of GST officials. KASSIA will also set up help desks to assist companies in the migration, he said.
At the individual level too, traders and shopkeepers are gearing up for the implementation of the new taxation system. Tulseshwar Reddy, a pharmacist in the city, said he was unable to grasp the complete import of it yet. For shops like his, dealing with existing stock is an issue as the new stock will be sold with revised prices after GST comes into force. “I will have to figure out how to sell my old stock after Saturday. I am sitting with my auditor and trying to understand the new billing system,” he said.