सविस्तर माहितीसाठी इकॉनॉमिक टाइम्स मधील बातमी वाचावी.

India’s biggest tax reform in history is also set to make its small-to-medium businesses more transparent. On July 1, as India rolls out its landmark national sales tax, businesses that make less than 100 million rupees — which the government refers to as micro, small and medium enterprises — will all have to digitise. The firms, often accused of conducting business mostly in cash and evading taxes by under-reporting income, will for the first time have to report every transaction, creating an online trail for the tax office. “Evasion will be checked,” finance minister Arun Jaitley said on May 18 after the government announced new rates for goods and services tax. Currently, many of the transactions by an estimated 51 million small enterprises are carried out in cash, with no trail of sales. This makes it easier for some to under-report revenue.

via GST: Amidst the digital push, GST transition will be painful for SMEs – The Economic Times