Small Business Perspectives on GST: An Empirical Study of Understanding, and Perception
Keywords:
Small Business, Goods and Services Tax (GST), real-world context, managerial accounting, tax-related servicesAbstract
This paper seeks to explore the real-world application of financial and managerial accounting in a specific subset of small businesses, with a particular emphasis on comprehending the perceptions and awareness of Goods and Services Tax (GST) among small business proprietors. The study explores the financial data gathered by owners, its utilization in business decision-
making, and assesses the success of small businesses, emphasizing the role of accountants in this process. Employing a phenomenological paradigm, the research conducted semi-structured interviews with 10 small business owners, revealing a limited comprehension of accounting information and challenges in financial literacy. The findings highlight the prevalent reliance on informal evaluations, such as assessing cash reserves, due to infrequent use of accounting reports. While certain proprietors looked for comprehensive business advice, accountants were predominantly employed for tax-related services. The study underscores the need for a better understanding of small business owners financial management practices in accounting textbooks, addressing the disparity between theoretical concepts and practical application in the real-world context.
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