GST: A mixed bag experience - Sunil Narang, MD, Elcom Trading Company
Sunil Narang, Managing Director, Elcom Trading Company
The experience about GST is a mixed bag. The good thing is that the number of taxes has been reduced to one tax and things have improved. The bad part is the ill-preparedness of the government, portals not working, lot of documentation and paper work and the cash flow has been impacted badly with the ill implementation by the government. The accounting has been a bit simplified, but the way GST has been implemented, the first GSTR1 forms or GSTR2 for the month of July are yet to be filed. So, if the government takes six months to file first month’s returns, it clearly reflects on the preparedness of the government.
It has been much simpler if it has been implemented on the lines of other countries like Europe, US, Singapore or Dubai. They have single-point one tax and less paper work.
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