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International Journal for Research Trends and Innovation
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ISSN Approved Journal No: 2456-3315 | Impact factor: 8.14 | ESTD Year: 2016
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Issue: May 2026
Volume 11 | Issue 5
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Impact Factor : 8.14
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| Paper Title: | GST and Accounting Standards Updates: Impact on Small Businesses in India |
| Authors Name: | Salman shariff , Savitha.D |
| Download E-Certificate: | Download |
| Author Reg. ID: |
IJRTI_211841
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| Published Paper Id: | IJRTI2604269 |
| Published In: | Volume 11 Issue 4, April-2026 |
| DOI: | |
| Abstract: | The research investigates how the Goods and Services Tax (GST) together with Accounting Standards Updates (ASU) affect small business operations throughout India. The GST system became operational on July 1, 2017 to establish a single indirect tax system which replaced the previous multiple tax system to enhance business operations through simplified tax compliance. The research applies secondary data methods to analyse 128 sources, which include government reports, academic journals, SSRN working papers, RBI publications, and industry reports from 2015 until 2026. The research shows that small businesses face an average GST compliance cost of Rs. 88,000 each year which equals 2.2 percent of their total revenue, while micro enterprises face higher costs than other businesses. The financial effects of GST implementation have been positive because it eliminates tax duplication through its simplified tax system, yet it creates new operating expenses which affect about 60 percent of companies. The implementation of technology has resulted in a twofold increase in adoption rates while it stands as the most vital factor which determines its effects, yet major disparities between urban and rural areas continue to exist in digital access. The knowledge about accounting standards remains insufficient because less than 40 percent of micro business owners understand the standards which apply to their operations. The research offers 22 evidence-based recommendations which policymakers, the GST Council, ICAI, and additional stakeholders need to follow for compliance simplification, digital infrastructure enhancement, composition scheme transformation, and GST compliance integration with financial reporting systems. |
| Keywords: | Keywords: Goods and Services Tax, small businesses, MSMEs, Accounting Standards Update, Ind AS, compliance costs, input tax credit, composition scheme, digital transformation, India |
| Cite Article: | "GST and Accounting Standards Updates: Impact on Small Businesses in India", International Journal for Research Trends and Innovation (www.ijrti.org), ISSN:2456-3315, Vol.11, Issue 4, page no.b969-b976, April-2026, Available :http://www.ijrti.org/papers/IJRTI2604269.pdf |
| Downloads: | 000205533 |
| ISSN: |
2456-3315 | IMPACT FACTOR: 8.14 Calculated By Google Scholar| ESTD YEAR: 2016 An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.14 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator |
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Published Paper ID: IJRTI2604269
Registration ID:211841
Published In: Volume 11 Issue 4, April-2026
DOI (Digital Object Identifier):
Page No: b969-b976 Country: Bangalore , Karnataka , India Research Area: Commerce Publisher : IJ Publication Published Paper URL : https://www.ijrti.org/viewpaperforall?paper=IJRTI2604269 Published Paper PDF: https://www.ijrti.org/papers/IJRTI2604269 |
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ISSN: 2456-3315
Impact Factor: 8.14 and ISSN APPROVED,
Journal Starting Year (ESTD) : 2016
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