https://www.taxtmi.com/article/detailed?id=13253 The Goods and Services Tax creates a unified indirect tax framework that simplifies multiple prior levies, removes cascading tax effects, and expands inter state market access for small and medium enterprises. Recovery through input tax credit reduces overall tax burden where credits are available and incentivizes formalization and recordkeeping. However, frequent electronic return filing, digital record maintenance, evolving regulatory requirements, and timing delays in realizing input tax credits increase compliance costs and can strain SME cash flow, while the technology driven compliance model compels digital adoption with attendant transitional challenges. en-us Fri, 27 Dec 2024 18:56:55 +0530 Fri, 27 Dec 2024 18:58:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=13253 The Goods and Services Tax creates a unified indirect tax framework that simplifies multiple prior levies, removes cascading tax effects, and expands inter state market access for small and medium enterprises. Recovery through input tax credit reduces overall tax burden where credits are available and incentivizes formalization and recordkeeping. However, frequent electronic return filing, digital record maintenance, evolving regulatory requirements, and timing delays in realizing input tax credits increase compliance costs and can strain SME cash flow, while the technology driven compliance model compels digital adoption with attendant transitional challenges. Articles Goods and Services Tax - GST Fri, 27 Dec 2024 18:56:55 +0530 https://www.taxtmi.com/article/detailed?id=13253