India has experienced the completion of its first financial year of the much-awaited Goods and Services Tax (GST) from 1 July 2017 to 31 March 2018. This contemporary regime held high aspirations digitally by mandating taxpayers to undertake transaction-level reporting of its business on to its information technology/Goods and Services Tax network (IT/GSTN) platform. It … More GST audit – it is the time to reconcile
Through this article, V.S Krishnan, Advisor, Tax Policy Group, EY India (Former member of CBEC) shares his view on how expenditure switching from tax incentives to infrastructure spending could benefit small and medium units as a whole.
Further, he opines that irrespective of big or small units, the self-policing mechanism provided by the GST design and tracking of every transaction by the GSTN system will ensure a more level playing field for all.