Amidst the entire economic crisis across the globe, India is demonstrating hope with determined growth targets, supported by a slew of important projects like “Make in India”, “Digital India”, etc. The biggest tax reform since Independence, the Goods and Service Tax (GST), is all set to transform the Indian tax system.
The Goods and Services Tax (GST) is expected to act as the much-needed catalyst for economic growth in India and is expected to alter the indirect taxes levied on goods and services within the economy and also eliminate the cascading effect of the tax system. GST has created high anticipation not only in India but also among all the neighboring and developed economies of the world. India will be playing a vital role in the global economy in the coming years because of GST implementation. Among all the rumours about the negative impact of this bill on the SME sector, would the pros outweigh all the cons?