 "GST, GST Council, GST framework, GST compliance, SMEs")
The goods and services tax (GST) has been rightly hailed as a transformational tax reform. It is likely to have a salutary effect on the economy and also nudge the non-compliant towards compliant tax behaviour. The worry is that in the immediate short term, small and medium businesses will have to acquire habits of documentary discipline and electronic filing of returns.
In the two months preceding the GST enforcement, a number of decisions were taken by the GST Council to make implementation easier for small and medium businesses. First, the turnover limit for the composition schemes, which was earlier between
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