The Goods and Services Tax (GST) is India’s modern tax reform, which went into effect on July 1, 2017. GST has substantially altered the landscape of tax compliance, necessitating the use of tailored technology to aid in the safe, smarter, and faster reporting of transactions. It has a considerable impact on planning for tax structure and incidence, compliance, and credit mechanisms. It resulted in a complete redesign of the previously existing indirect tax system.
The transformation is not limited to laws and regulations; GST has also resulted in the incorporation of technology for compliance reporting. The authorities have been proactive in streamlining industry demands; but, given the enormity of the update, it comes with its own set of obstacles and complications, making it critical for enterprises to re-visit their GST positions on a regular basis to limit the impact in the long run.
Businesses today require not just a reliable tax technology solution for processing GST returns and GST advisory matters, but also a competent adviser to guide them through the process.