GST Knowledge and Effects among Small Business Owners: A Study of Tiruchirappalli District in Tamilnadu

Abstract

The Goods & Services Tax (GST) is an admirable attempt to rationalize India's massive indirect tax system. The adoption of GST reduces overall taxation and makes it easier to do business in the country. Businesses and consumers, who currently foot the bill for taxes, are the primary targets for gauging the effects of GST. There will be a considerable boost to India's GDP from the unorganized sector and some of the manufacturing sectors as a result of this provision. The study's main purpose is to evaluate the extent to which small business owners are familiar with GST and its effects. Research is being done to ascertain the amount of impact and the level of satisfaction, even though it is evident that production or sales will be affected. Information was gathered through a survey administered to 50 company owners in the Tiruchirappalli area of Tamil Nadu for this study. The information was gathered with the help of a designed questionnaire. According to the data, business owners know about GST and think it's a fair taxation system, but they need greater clarity and a simpler approach because they have to rely on CAs for online submissions. This report made an effort to present an approximation of GST's actual impact and concluded with some recommendations.