The implementation of GST would be a very significant step in the field of indirect tax reforms in India postindependence. By subsuming a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a harmonized national market. From the consumer point of view, the biggest advantage would be in terms of reduction in the overall tax burden on goods.
Introduction of GST would also make Indian products competitive in the domestic and international markets. Studies show that this would instantly spur economic growth. Last but not the least, a well-designed GST, because of its transparent character, would be easier to administer. However, GST is not just a change in tax regime but will also lead to transformation of doing business for the industry. Introduction of GST will necessitate review and change of tax positions, supply chain, ERP system, business processes and accounting, among others. If GST is introduced effective from 1 April 2017, theindustry will have very limited time to undertake such changes and will require proactive advance planning to be compliant to new regime. industry will have very limitedtime to undertake such changes and will require proactive advance planning to be compliant to new regime. time to undertake such changesand will require proactive advance planning to be compliant to new regime. and will require proactive advance planning to be compliant to new regime.
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