GST :Small industries find innovative solutions

Bengaluru, India June 30: Indian suppliers, wholesalers and retailers are getting ready for GST. The small and medium industries are finding innovative ways for becoming tax compliant under the new tax regime.

currently, many people evade taxes. However, experts say that tax evasion is difficult under GST regime. The retailers and small companies are finding new innovative ways to avoid scrutiny of previous books.The ways they have developed are

* Create a new firm by using ghost address and show old firm as a branch of the newly set up firm.

* Create fake bills to show that entire stocks until June 30.

* Sell leftover stock in coming days and become compliant under the new company.

Experts feel that these innovative ways will help companies to get input tax credit and become organized. Let's hope that retailers and wholesalers become compliant so that their business will prosper under the new tax regime.