India is going on the path of development at a fast pace and to move forward and make it more competitive, it must include reforms and strategies in its taxation and financial system. The country will be soon going to see the new tax regime, GST in order to facilitate the governance and economic condition of the country. According to the sourced procedure of GST, there will be around 3 monthly returns in which on every 10th of the month, the sales register will be available and on the 15th of the month, there will be purchase register to be available. While on the 20th of every month, there will be a final monthly return available to remove the ultimate pressure of the deadline which can be sorted.
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To remove the load from the government’s officials website, the GSTN will use the GSP (GST Suvidha Provider and ASP (Associate Suvidha Provider) to manage the system accordingly. To have more understanding of the upcoming tax regime and to acknowledge its benefits, Managing Director of SAG Infotech PVT. LTD., CA Amit Gupta of SAG Infotech, country’s renowned tax solution firm stated some firm points of the GST. In an interview, he mentioned that there are over 100 countries in which GST is prevalent and these countries are benefitted the most while making trade connections with other GST embedded countries. Also, he highlighted the facts, that easy tax system will increase the number of startups and in return, it will maximize the job opportunities.
As per mentioned facts, GST is in demand for the economy to gain its position back. Currently, there are around 60 indirect taxes prevailing in the country. All these taxes have their own VAT Act along with central governments VAT, accompanying with several other taxes like service tax, excise duty, Cess etc. In this way, no one can take all the benefits of tax due to not being applicable in the whole country, and this is why the common man has to pay extra tax on tax, which is also called the Cascading Effect. After all these taxes, the inflation rate grows irrespective of the negative impact it makes on the common people and to combat all these irregularities, the Goods and service tax is being introduced.
Source: Rajasthan Patrika, Dainik Divya Jyoti
