GST further reforms in 2019!
GST on reform spree! Further reforms of GST in current fiscal (2019-20) has an edge & some focussed advantages, 1: Simplified Tax Structure: Reduction in cascading effect of taxes, transparent and has harmonisation of laws and procedures. 2: Easy Compliance: compliance burden has come down with one pan-India tax replacing multiple taxes and automated processes. 3: Promoting Trade and Industry: Seamless flow of tax credit. 4: Spurring Economic Growth: Creation of unified common national market. Some developments during the GST journey since 2017: 1: Subsuming of taxes: It was new experience of subsuming 17 different types of taxes under GST. Pre – GST, Trade & Industry had to undergo compliances under Central Excise, Service Tax & VAT and doing business in multiple states involved adhering to different VAT laws, compliance through different portals and answering to different authorities, all that has been unified int...