GST Insight – Nityanand Shetty, owner, Thyme Bistro Reviewed by Momizat on . GST will bring tax discipline in all organisations. Lot of restaurant owners who probably didn’t have a good grip on their sales/purchase will now have tighter GST will bring tax discipline in all organisations. Lot of restaurant owners who probably didn’t have a good grip on their sales/purchase will now have tighter Rating: 0
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GST Insight – Nityanand Shetty, owner, Thyme Bistro

GST will bring tax discipline in all organisations. Lot of restaurant owners who probably didn’t have a good grip on their sales/purchase will now have tighter control over it, which will stop pilferages in any form.
We attended a lot of GST seminars and discussions organised by AHAR and arranged for joint meetings with our CA and respective stake holders in our organisation. We always had good accounting practises in our organisation, which helped when we rolled out the new GST systems. Once we file our monthly returns, we will realise our shortcomings if any. It is a learning curve for everyone.

We didn’t face any operational issues in terms of making invoices as our POS Software was upgraded and ready for implementation. The main problem was answering customer queries. While we had prepared a FAQ after attending GST seminars, customers would believe forwarded WhatsApp messages everything without verifying its authenticity. Thankfully, we could pacify our customer’s ire and frustrations with patience.

We need to realise that GST will evolve and it is going to be a continuous learning process for the government and for us. Its success is based on the government listening to the practical problems faced by the industry and making necessary changes as we move ahead. For instance, alcohol still attracts 5% VAT, which is a deviation from the concept of ‘One Nation One Tax’, and we need a uniform tax structure for AC and non-AC restaurants.

GST is a complete system overhaul and our company had put systems and processes in place from day one, which helped us during the migration. The reason I am emphasising on systems and processes is because that is going to be the key change required in implementing GST systems. We also realised that when we were gearing up for implementation of the new systems our ecosystem was not ready. In our vendor registration program we reduced our vendors from 20 to a mere 5. It was our thought process of consolidation and also the resistance displayed by many of the smaller players to fall in line with GST.

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