These youngsters will try their hands at their day-to-day necessities as well. Yes, the 21st century youngsters are ready to work for their needs by themselves. Hardware amenities are no exception to this.
The retail industry is the fastest growing industry in India also in the world. And with this growth rate, Indian retail industry is marching towards becoming the largest retail sector in the world.
In the yearI have finished my graduation and at that time there was no shopping mall in my hometown a rural place in the state Odisha.
After 7 years i. So, in these 7 years, the retail industry grows at a faster rate in India as well as worldwide. E-commerce is booming as another growth factor for the retail industry. E-commerce or online shopping is becoming a trend among Indian youths and mostly among working people.
GST is a unified tax implemented by Govt. Govt of India introduces GST with an aim to reform the old taxation system and to make it simpler. Since its implementation, GST has undergone various changes in its structure.
Still its better than old tax, structure.
Retail businesses also can avail composition scheme for smooth business operation. Here are some benefits: So, retailers with less turnover no need to pay tax and can do business freely. Tax reduction is the main positive impact or says good news GST gifted to retailers.
Easy return filing Return filing is a process to claim the taxes paid by business to the Govt at the time of purchase. E-way bill empowers retailers to do more business and manage inventory easily.
Faster business growth Under this GST regime, a business owner can get details of other businesses while doing any business dealings.
As the tax structure became transparent, now retailers would be able to do more business between countries and within is country.
GST will boost the growth of the retail industry. These are some benefits GST has in its kit for the retail sector but there are also some disadvantages to this new GST tax structure.
Here are some disadvantages of GST for the retail sector in India: Its time consuming and a little bit complicated for those who have less accounting knowledge. As GST is mandatory for all businesses even a business with no transaction has to register under GST and can file nil returns.
In case of late filing or non-filing, a business has to pay late filing charges and penalties. It means GST filing is mandatory for all. To resolve this issue they are hiring chartered accounts by paying more so for them its a loss and a complicated tax structure.
Online tax filing GST return filing has to be done on its portal, which is web-based. So, in GST small businesses has to pay more tax.
Conclusion Indeed GST made business management simpler for Retailers but still, it has some loopholes.The Sahara group, which has interests in finance, entertainment, real estate and media, plans to enter the gold retail business.
The conglomerate, which recently launched a chain of retail stores, plans to export, import and deal in "gold, silver, bullion, jewellery ornaments and precious and semi.
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All the information you need to get online and selling, from creating a winning website to writing a business plan. The retail industry can't compete with Zara. Cameron Spencer/Getty Images Brands like Zara are rapidly expanding, while other specialty retailers struggle to get customers in stores.
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