The implementation of the Goods and Services Tax (GST) has overhauled the indirect taxation system of India Inc. Prior to the GST, compliances were akin to a nightmare for an entity operating in multiple geographical locations. Multiple statutes, complex compliance mechanism, cascading effects of indirect taxes, classification disputes etc. were some of the bottlenecks for the trade and industry.
At the time of its implementation, Prime Minister Narendra Modi addressed the GST as ‘Good and Simple Tax’. In the last three years, the government has tried its best to keep it good and simple. Several amendments, notifications and clarifications have led to the evolution of this tax regime.
In order to help taxpayers be compliant with the GST laws, Grant Thornton in India has published this booklet as a handy source of quick reference to various compliances and procedures as prescribed under the GST laws. The booklet is updated till June 2020. We hope you find this publication informative and useful.