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Tuesday, Oct 19, 2021
Outlook.com

E-Way To Tax Heaven

Positive steps have been taken to refine the GST regime

E-Way To Tax Heaven
E-Way To Tax Heaven
outlookindia.com
2018-07-21T13:35:16+05:30

The first year of the Goods and Services Tax (GST) regime has seen administrative streamlining that, improving on the previous system of indirect taxes, is a boon for taxpayers and businesses at large. However, GST is no exception to the rule that no law is free from litigation, and how far existing and planned provisions can avert such complications remains to be seen.

Read Also: One Year Of GST: Eat In And Keep The Taxman Away

The first and foremost positive change is the move from the manual system of reporting to digitalisation. An e-filing process is already operating successfully for direct taxes and for many corporate law and other regulatory compliances. Taking its cue from this, the GST model also relies heavily on IT infrastructure and aspires to minimum manual intervention. Considering the sheer complexity and volume of transactions involved under the new law—for both...

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