The goods and service tax was always seen as the messiah of nations economy as it is the one nation one tax regime for the businesses running here in the country. Thoughts over this tax regime were always ambitious but as the time is passing frequently, the industry bodies and various business units have come out from the shell to regard the GST, a very hard to comply taxation scheme.
The compliance includes a lot of handling like a revision for consequent three years, permit dispensing for vehicles checking, 2 percent TCS collection in the e-commerce sector, and then there is state registration for every business units. All of these were opposed by various industrial movements but were on the tag list of states wanting to be under the provision.
There was always chances that GST will cut out the barriers and will assist the continuous flow of goods and services which will create a worthy way of doing business. Rajeev Dimri, indirect tax leader at BMR & Associates LLP mentioned that “these provisions will increase compliance burden, There is no distinction between a dispute and outright evasion in the law.”
A state government official also disclosed that “Earlier, the taxpayer had to get a permit for every state through which the goods passed. Now, there will be just one permit required which will be generated electronically.” Of the total four laws, i.e. the central GST law, the integrated GST law, the Union territory GST law and the bill to compensate states for losses has been presented in the current session and the expectations are high that the legislations will be clearing remaining two bills as soon as possible.