Know, How GST performed in its first year?

Tally in association with Kantar IMRB has presented its findings on the business landscape post GST on the occasion of the first anniversary of the new tax regime.

As per the study, the number of businesses using accounting software has gone up from 1.45 million in 2016-2017 to 2.87 million in 2017-2018.1.67 million businesses indicated that they adopted business software because of GST implementation.

Research emphasizes that, for GST Compliance, 57% businesses bought or upgraded software for GST while 43% bought hardware or hired employees/engaged with CA. From an internet usage perspective, the top 3 use cases for businesses are general information, Online Banking and tax filing.

The top 3 challenges in the current business environment as seen by businesses include Uncertainty about the future, Financial Management and Monitoring of business Performance. The study was conducted with a total of 2251 respondents from Tier 1, 2 and 3 cities and towns.

Apart from this, Tally has also released data from its customer support wing, Tallycare where out of a total of 2 million+ support tickets generated in the 1st year of GST close to 25% had to do with GST. Among these the top 4 topics included GST Calculations, Reverse charge Mechanism, Resolving Mismatches and Generating E-Way Bill.

Tally plans to use these insights to further improve its processes and solutions and make GST compliance simpler and smoother for SMEs.