“It is imperative that the GST is implemented at the earliest, else post mid-Sept 2017 there would be an issue that in absence of legislative backing, taxes could not be levied. The issues arising from demonetisation should be short lived, and in the long term it should act as an enabler for the GST regime with more and more businesses becoming part of the formal supply chain, thereby helping government achieve the twin objectives of bringing in more transparency and increase the overall tax base.”

Vikas Vasal
Partner, Grant Thornton India LLP

This article apeared in Economic Times on 13th December, 2016.