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)
(Published 30 January 2021, 14:24 IST)
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