Ensure depiction of every transaction in GST portal: Expert

It's advisable to ascertain a vendor's compliance rating before commencing transactions, writes Mani

In his much celebrated book, The Seven Habits of Highly Effective People, author Steven Covey has stated the seventh habit as “Think of the End in the Beginning”. The application of this principle to GST means that it is necessary to think of how audits and assessments happen even before commencement of the new indirect tax regime from July 1.

In the present indirect tax regime businesses are plagued with multiplicity of audits, frequent enquiries, prolonged duration of audits, inconclusive enquiries etc. Hopefully these issues are addressed in the GST era.

While multiple audits by various tax authorities become a