The key objectives of the GST (Goods and Services Tax) were to introduce one tax regime for the entire country, avoid multiple compliances, reduce the cascading impact of taxes, avoid unnecessary disputes and litigation on classification and other issues.
“Compliances are the backbone of any tax statute and GST law is no different. The concept of assigning compliance ratings to the taxpayers, if implemented in the right earnest, will go a long way in ushering in an era of a tax-compliant society,” says Vikas Vasal, National Managing Partner, Tax, Grant Thornton Bharat.
Launched in 2017, the GST regime aimed to make compliances digital and paperless, however, considering the present system where certain documents are still required to be filed offline, it can be said that GST is less-paper, instead of paperless. We feel it’s a journey and, gradually, we shall move towards a paperless compliance regime.
This publication is updated till June 2021 and serves as a ready reckoner and a guide to help understand different compliance requirements under the GST laws.