GSTN fosters digitisation for small firms
The Goods and Services Tax Network (GSTN) has allowed smaller firms (those with a turnover of 1.5 crore or lower) to download a software that would help them move ahead on the road to digitization. The software will create invoices and account statements, manage inventory and prepare GST returns for these businesses. This move, according to analysts, is likely to increase the compliance across the industrial ecosystem.
Six firms identified & listed on the GSTN website will offer the software free of cost to the targeted 8 million small businesses, which account for about 1/7th of India’s estimated 55 million SME base.