A very tricky part of GST is that at times you will get to know about a connected entity's default only two months down the line.

Consumer electronics industry insiders said backdated billing may continue for next couple of days till fresh stock billed on GST rate arrives in the market.

With detailed information on taxes and businesses now available in an electronic format, bankers believe SME and self-employed portfolio may see faster credit expansion.

"GST will benefit all, and most importantly, raise tax collections for the Centre and states. It will put an end to inspector raj," says Gadkari.

A day after the pan-India Goods and Services Tax (GST) came into effect, Revenue Secretary Hasmukh Adhia on Sunday cleared certain misconceptions about the new indirect tax regime.

With the biggest tax reform set to receive a red carpet welcome in Parliament's Central Hall when the clock strikes midnight on June 30, the Goods and Services Tax will irreversibly impact consumers, traders, businesses as well as the revenue collection machines of the states and the centre.

M Prahakar Rao, MD, Nuziveedu Seeds, said: There will be not be any movement of goods from the company to the trader level for two to three days to ensure a smooth transition.

Given the efforts of the Uttar Pradesh State Industrial Development Corporation (UPSIDC), several entrepreneurs in China have agreed to invest in select industries in the state, a top UPSIDC official D K Garg said.

With the goods and services tax (GST) set to roll in, the technology major has joined hands with the ministry of MSMEs to launch Bharat ERP, which aids adoption of technology at the lower end of the pyramid.

It will also provide MSMEs with access to technology from SAP to help them streamline and integrate key processes like financials, sales and inventory with a single business software.

Users of express delivery services would face considerable disruptions to their businesses in the way e-waybill is being introduced.

With less than 10 days to go for the biggest indirect tax reform to take effect, retailers are rushing to clear their stocks by offering huge discounts ranging from around 30 per cent to 60 per cent.

Chennai-based business software provider Zoho has applied for a GST Suvidha Provider (GSP) licence and launched Zoho Finance Plus -a suite that covers SMBs' financial needs.

A majority of the 50 plus MSMEs with which BCG conducted a deep discovery interview indicated a preference for reverting to cash.

Gurgaon-based CoinTribe caters to the needs of small enterprises turnover in the range of Rs 1-50 crore and helps them secure loans of up to Rs 30 lakh.

Prior to economic liberalisation, the Indian business scenario was dominanted by family-based companies or people opting for government jobs, instilled with the notion of being financially secure. There was very little or no success in being an entrepreneur. With the introduction of economic reforms in 1991, the start-up scenario started flourishing here.

GSTN chief executive Prakash Kumar told TOI in an interview that even uploading the data under GST will not be difficult since the file will not be too large.

Lack from nutraceuticals categorisation under the GST could mean they are levied the top GST rate of 28%, up from 18-22% now.

Similarly, if you plan to buy a house after July 1 in a project that is complete or nearing completion, you will have to pay tax at the rate of 12% on the entire amount.

Since manmade fibres comprise of more than two-third of Indian textiles sector, industry bodies fear of mass closing down of small non-integrated players.