Union Budget 2021 | 'Important to have a set framework and policy for GST compliance'

By Niraj Hutheesing,

The 2021 Union Budget provides two big opportunities.

Firstly, boost economic growth by scaling investment in digitization. Secondly, drive technology-enabled rationalization of the country’s tax infrastructure. The former will bring employment and self-employment opportunities for the youth through digital initiatives of start-ups and MSMEs.

The latter will enable businesses to thrive in a simplified indirect- tax compliance regime powered by new technologies like hyper-automation. This will also ensure that the funds collected through GST are used efficiently and help in generating economic growth in this financial year.

It is important to have a set framework and policy for GST compliance for all businesses in India, let us see how the government addresses this.

(The author is the founder and Managing Director, Cygnet Infotech)