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GST and Indirect Taxation Regime in India
Initially the few quarters of GST Implementation were a period of test and trials for industries and so the administration permitted delays in filling of income tax returns. It is most important for all small enterprises for a better understanding, transition and adopting new provisions. Now the industries are widely recognizing that the new indirect tax system is making tax payment simpler and easier. Transaction of products and services has come on track after GST and also businesses are largely satisfied with the GST registration, and input tax credit process.
GST is a part of the incumbent administrative thrust towards a unified system of indirect taxation in India. It is a complete replacement of the previously existing multiple taxes like Service Tax, Excise Duty, CST, Custom (levied by the Central government) and VAT, Entry Tax, Octroi, Luxury Tax etc. (levied by the State government). With the advent of GST regime in India, the filing of returns has become very simplified. Moreover, owing to the abolishing of multiple taxation systems, there is an ease of compliance and this has had a very positive effect on the ease of doing business and carrying out financial activities.
Needless to say that when viewed from the perspective of GDP growth and levels of revenue generation, GST has had a very profound impact and this trend is expected to continue. This has also had a detrimental effect on the illegal hoarding of assets and tax evasion. The process has become quite simple and therefore, the whole taxation regime has not only become more accountable but also very streamlined and transparent.
There is no doubt that success of GST has surpassed all expectations to emerge as a potent instrument for boosting competitiveness of industry and business and raising economic growth rates. Indias indirect tax system has been reformed and most transformative, thus bringing huge benefits to consumers and industry and government.
HDFC Life offers a free online save tax calculator that helps you plan your tax expenditure in a better manner. For further details, click on the following link: https://www.hdfclife.com/financial-tools-calculators/tax-saving-calculator
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
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