Posted On : 25-Nov-2017
The 14-year-long journey of Merchandise and Service tax (GST) finally culminated on July 1, 2017, with the implementation of the biggest tax reform of India in 70 years of independence. While the govt of India under the leadership of Prime Narendra Modi hailed as soon as of 'Good and Simple Taxation System' for the benefit for common people, small traders and industry as a full; the opposition parties have slammed the establishment for forcing a half-baked GST regime within the taxpayers.
The whole issue about the impact of GST on the auto industry hovers around the compliance of the new taxation system by the sector as a whole. The discussed great things about GST on vehicle industry are mostly streamlined logistics and constraining the operational and manufacturing costs, the compliance is something industry is vary about.
How easy or tough is the GST compliance?
To apprehend this, we will draw a thrilling analogy among GST and be using a car on an avenue. As the speed of your car relies upon on the auto within the front and on the rear, the compliance of GST would rely upon the use of GST by means of the providers and the buyers alike. Your providers are Cars inside the back and Clients are the automobiles on the front.