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GST Regime to be Instrumental in Materializing Modi’s Dream of Digital Economy
May 25, 2017
The Goods and Services Tax is set to be rolled out on July 1. This will force the businesses, that are often accused of evading taxes and misrepresenting turnovers, to become more transparent with their revenues through maintenance of digital accounts and invoices.
Under the current system, most of the transactions by as many as 51 million small enterprises in the country are made in cash, which is why it’s easier to under-report the profits. GST will check that and also encourage the enterprises to do conduct the businesses the right way as they will be able to claim ITC through the GST system. Thus, experts believe it will also help curb black money circulating in the system and make Modi’s dream of a “digital economy” a reality.
