GST needs Income Tax reform - Himanshu Gupta, Business Owner, SSDN Techsolutions
Himanshu Gupta, Business Owner, SSDN Techsolutions
GST theoretically is a good regime, aimed at plugging in various tax gaps and tax evasion possibilities. But, practically, the compliance has become a very big issue. The whole question of ease-of-doing business is under a scanner. It has become very difficult to do business these days. Second, the whole liability of first point taxes previously has now been shifted to the latter channels of the business. So the gap that we identify here is that we do not see a complete shift of liability moving from the first point to the latter channels. GST is not a pure indirect tax. It has a direct income component link also. So now the business is under a big tax stress. GST needs an income tax reform as far as direct taxes are concerned. If the idea is ease of doing business, then it has to be simplified.
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