From a business point of view, an integrated India is a huge positive for everyone involved—be it the Centre, the state governments, or businesses. The unique ID-based tracking of goods by the GST Network (GSTN) throughout any product’s value chain will ensure higher compliance under GST. As a tax reform, GST will help significantly reduce the complexity associated with our current tax mechanism, which is plagued by a multiplicity of taxes, rendering the current system highly inefficient. GST will ensure higher tax compliance on both the direct and indirect tax fronts. As businesses adjust to the new normal, GST has the potential to transform the landscape of the country, creating a unified India for business, and establishing a new paradigm in the way business is done in the country.

Source: Mint July 04, 2017 18:33 UTC