One year of GST: Compliance still a challenge for small business owners

The government is coming up with a return simplification process in the next six months which will require a taxpayer to file only one return every month against three at present

The goods and services tax appears to have bedded down after initial hiccups, with more than 4.5 million new taxpayers in the system. While large companies appear to have transitioned well to the new indirect tax regime and the return-filing system, small units continue to grapple with challenges, including input tax credit, frequent changes in rules, and steep penalties for late filing.

Large businesses, at least, seem enthusiastic about the new simplified return filing structure, which will make doing business easier for them. Small business owners still remain cautiously optimistic that their compliance burden will ease.

After suspending the three-stage