With the appointed day for GST nearing, all taxpayers should be preparing themselves to transition to the new regime. How is life going to be under GST?
While we still do not know the most important part of GST, the rates of GST that would be applicable to individual goods and services, we have a broad idea about the possible rates.
Being a tax that is based on technology, life in the GST era would be spent in front computer screens than in tax offices. There appears to be no limit to the number of forms that a taxpayer has to file under GST- there is a form prescribed for every conceivable act under GST. Filing of all these forms would require an enormous amount of patience. There will be problems in technology too- the portal could hang, there can be difficulties in filling particular columns in forms and such like. Many of such compliance issues can be tackled through a GST garage.