GST is expected to play a key role in bringing about more transparency into the system. A very strong infrastructure network would be required to administer GST which would include facility for online payment of tax and e-filing of returns. The GST as a new levy could be a very effective tool and break-through in indirect tax reforms, provided it is made simple and assess friendly – not like the present tax system.
Not only GST is expected to change the complexion of indirect taxation in India, it will also bring down the prices of goods and services across the board. The consensus among the states and between the center and states hold the key. Once consensus is reached, GST may see the light of the day in a year’s time, even during any time of the year, it being a transaction based tax.
Not only GST is expected to change the complexion of indirect taxation in India, it will also bring down the prices of goods and services across the board. The consensus among the states and between the center and states hold the key. Once consensus is reached, GST may see the light of the day in a year’s time, even during any time of the year, it being a transaction based tax.
