"At present, the negative effects of GST among the small businessmen outweigh the positive vibes. We hope that the norms and guidelines will be simplified further to help these entities to file returns and claim input tax credit," MD of Bengaluru-based Tally Solutions, Bharat Goenka, told reporters here today.
However, businesses with an annual turnover of less than Rs 1.5 crore should be made to furnish monthly returns instead of quarterly, at the moment.
This, according to him, would lead to delay in realising input tax credit by the businesses.
Goenka said that more than 75 per cent of the taxpayers fell into this bracket.
He also said that the government's proposed move to introduce rating system for the dealers would adversely affect business sentiments.
"Genuine businessmen may be forced to delay payments which will earn them poor ratings. This should not be the case," Goenka said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)