In a few hours, GST will be rolled out. The ‘one nation, one tax’ regime is being called the most ambitious tax reform in the history of independent India. The man who has been spearheading the GST initiative, Revenue Secretary, Mr Hasmukh Adhia stated in an interview, “The biggest benefit of GST is that the country will become one as far as doing trade is concerned. Boundaries will open, and there will be no logistics hurdles when you are moving your goods from one state to another.”


The Revenue Secretary made the following clarifications regarding GST compliance:

• While GST will be applicable from tomorrow the filing of returns will need to be done only in August (except for imports & exports) & there is ample time to be ready to file the tax.
  
  
• There is absolutely no new requirement & no real-time invoice matching. People should file return online at the end of the month, that's all. In many states, VAT & service tax were already filed online.
  
  
• Direct to consumer businesses can file a consolidated return for customer sales and B2B businesses need to file only one GST in 3 parts.
  
  

Watch the full interview here.

Find answers to all your GST related queries, here.