Taxes are the primary source of income for governments around the world. In India, indirect taxes contribute a major portion to the revenue of both Central and state governments.
India being a federal country, has adopted a dual GST structure wherein multiple rates are being levied on goods and services to meet the interests of various states. Post introduction of GST on 01 July 2017, the Government issued various clarifications and amendments in the GST law, including introduction of applicability of e-invoicing, full matching of input tax credit, etc., which require constant monitoring of such changes by the businesses, which in turn calls for changes in their systems and processes. Businesses are expected to be aware of the GST implications that affect their dynamic business models and comply with statutory compliance requirements.
