With the countdown to GST having begun, the nation as a whole waits with bated breath to see exactly what the ramifications will be. The anxiety is palpable across every cross section, as consumers, manufacturers, traders and retailers watch as destiny, in a sense, unfolds.
The intent of GST is to bring in a unified tax system across the country. The impact will clearly be somewhat different depending on the nature of business, as it augurs some wins and potential losses across different verticals.
The impact that is foreseen in the area of compliance is significant. GST is expected to ease the burden with the entire nation being governed as a more structured, unified market. The aim of this endeavor is to bring about stability in the market and a better framework within which we operate. It’s only a question of time now before we know how it has borne fruit.