SMEs: Preparedness and consultation are key for a smooth transition to GST

Did you take early steps, and speak to your customers and vendors about readiness?

A Mumbai-based proprietorship concern that supplies sundry office stationery items, including on-call customised products for big companies, had never paid tax until two months ago. A seamless operation run by brothers who collect their bills only on month-ends, it enjoys the privilege of being a trusted service provider for many including a large private bank. But come July 1, the proprietorship was registered and ready to comply with the new goods and services tax (GST).

The stationery supplier, which prefers anonymity, is an example of how small businesses need not falter under the new tax regime even as it has