GST-The biggest Tax reform

Arun Kumar, Chairman & CEO, KPMG India

“GST is the biggest tax reform in India since Independence. It will unite multiple fragmented tax systems into a unified tax regime. For years, the dreams of trading freely amongst ourselves were not realized by cascading excise barriers. By removing these barriers, the GST takes a golden leap towards creating an integrated Indian market. For the first time we will have a true common market in the country. However, before we get there, significant challenges are there as we transition into the GST system, ensuring barrier free mobility of goods and services within an integrated market. Upon implementation of GST, will lead to near term challenges due to fundamental restructuring of the manner the taxes are filed. The challenges will have a significant impact on vulnerable sections of the Indian economy, which are the MSMEs consisting of small manufacturers and suppliers. Since, GST will increase information intensity, it will imply that businesses must adopt the IT infrastructure to enable them to adjust with the transition to the GST regime.”

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