Businesses are struggling to keep up with the pace of changes to Indiaâ€™s tax regime, more than a year after the governmentâ€™s bold push to simplify the countryâ€™s labyrinthine system. The steady stream of changes to the goods and services tax regime has left many companies baffled. Authorities on Sept. 10Â extendedÂ a raft of deadlines for filing tax returns after businesses roundly failed to meet them.
- Himanshu Relan, Partner- GST shares his views on aforementioned story for Bloomberg- BNA.
The GST Council has approved a single monthly return for all taxpayers and given leeway to smaller taxpayers to file quarterly returns through simplified forms. While the new returns and the modified method to claim input tax credit that may be implemented in early 2019, will reduce the compliance burden and check tax evasion over the longer term, smaller businesses are likely to face hardships in the changeover phase.
Himanshu Relan, Partner- GST & Indirect Taxes shares his views on aforementioned story for Hindu Business Line.