Recently attended a seminar on GST and difference between current and GST tax regime.
I must say it would have been much better had GST been taken in the way it was thought of “one nation one tax”.
But actually it will not carry the purpose in its true spirit as IGST, ÇGST, SGST AND UTGST will tarp the professionals so much they will only be trying to save themselves and their clients from wrong filing of returns, interest and penalties.
Tax rates are different even on a same commodity. How will professionals and businessmen will keep it in so mind rigidly to give advice to their clients and employees respectively to save them from a single error as even a single error will initiate litigation or default of other provisions allegedly.
GST should have come in an easy way that even a layman could understand and pay due tax on transactions but now what will happen before entering into any transaction of business he will consult his CA or any other professional , then ask fellow in same business or tax authorities. What will happen at the end, he will be tired of fulfilling legal requirement related to documentation resulting in killing his instinct to take up a new venture and every business will be hesitant to invest or to initiate something new.
It will hamper the growth of the natives and also the nation.
Our FINANCE experts should have taken this in account that number of filing of returns will be tedious job.
We are taking a new big leap by way of GST but no one is very much sure about interpretation of its provisions.
I would like to request the relevant authorities not to penalise the person who has made any default which is unintentional and Rather help him in correcting his mistake in filing the returns.
Hoping to see all riding safe on this road.