GST laws are all set to become a reality as the Upper House takes up the Bills today. Several analysts, political observers and the business fraternity is eagerly waiting for the grand foray of the GST (Goods and Services Tax), as this will probably change the tax based ecosystem of the country.
The analysts believe that several implications might affect the onset of the new unified tax regime. Some crucial issues might turn out to be tricky for companies and stakeholders, anticipate market insiders.
In the last few years, the Modi-led government has completely changed the federal skeleton of the country. The government rolled out a crucial change in 2015, abiding by the recommendation of the 14th Finance Commission, which hiked States’ share in the Union taxes by 10%. Experts think the GST is another such change which is anticipated to impact the federal architecture of the country, and these two key steps will redefine the role of the Centre and the States in reshaping the economic destiny of the nation over the coming few years.
A strong IT-based infrastructure will back the GST machinery. The indirect tax system will receive more than 2.5 billion invoices a month from 8.5 million taxpayers across the nation. A common IT-based platform (www.gst.gov.in) will act as a bridge between all the stakeholders of the GST ecosystem, as per the records. The market insiders think that as the Bill is ready to enter the market on July 1, it will mark the beginning of a new era, and the degree of preparedness will matter the most. Implementation will create a massive difference after the GST Bill becomes a reality on July 1.
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