The Goods and Services Tax or GST put into effect from the 1st of July 2017, is one of the biggest tax reforms in India and is set to revolutionize the way we do our taxes. GST will subsume more than a dozen state and central levies into one tax, coalescing the tax landscape of the highly diverse country of 1.28 billion people, into a single and cohesive picture.
Moreover, GST will grant Indian businesses access to the entire national market without having to invest heavily in a nation wide warehousing and distribution network and in the process, further propel the country’s economy.
With the many benefits that it brings, GST is also a matter of concern for businesses as they define and streamline their processes to comply with the new system of taxation. The law is expected to especially affect the country’s burgeoning e-commerce market, as many e-commerce vendors are likely to be caught unaware of the changes.