Albert Einstein famously said: “The hardest thing to understand in the world is income tax.” The Goods & Services Tax or GST is expected to be a growth stimulant for India’s economy. It has eliminated indirect and cascading taxes and provided a single tax regime for the entire country. The…
GST: An unforgiving tax The GST regime expects a high level of consistency and accuracy in filing of the tax returns. In an attempt to make the system free of fraud, the GST filing system makes suppliers and purchasers inter-dependent. This means that the recipient can only claim the ITC…
GST or the Goods and Services Tax is one of India’s most significant indirect tax reforms. It was introduced in a bid to regulate unorganized sectors of the economy, as well as to remove cascading taxes. GST is now a single tax across the country in place of varied taxes applied by different…