It’s been close to five years since India embraced a new indirect tax regime with the introduction of the Goods and Services Tax (GST) in 2017. The key objectives of GST 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.
“Like any new fiscal legislation of this magnitude, GST had its own challenges. The government has taken various steps in the past five years to address the concerns and to provide support to the industry. 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.
To help the taxpayers, Grant Thornton Bharat has published this booklet as a ready reckoner and a guide to help understand different compliance requirements under the GST laws. The booklet is updated till April 2022. We hope you will find this publication informative and useful.