Friday, June 26, 2009

GST records adds to cost of doing business

The owner of a small business told me that the keeping of tax invoices to support GST has added to his cost of doing business. He has to keep separate records for the purpose of GST, which is additional to the records for preparing his accounting statements.

Do you agree with this view? If you are runnning a business that needs to comply with GST or have any friends in this situation, please share your views here.