GST HEANDLING

Now it is just a matter of time before the Goods and Services Tax (GST) bill is passed by both the houses of the Parliament. The positive impact of the GST at an overall level is indisputable as the reform in indirect tax regime in India has been long due. The GST regime intends to achieve efficacy and efficiencies in tax administration and collection. One of the major benefits of the GST is the removal of cascading taxes (tax on tax) at each stage of value chain. Another principal benefit will arise from integration of taxes on goods and services. The new regime will also make tax evasion difficult thereby likely to broaden the tax base which is woefully low in India.