The major impact of GST is going to be on Service Sector in terms of compliances. Presently, a company in service sector is filing only 2 tax returns in a year on half yearly basis. This number remains same even if this company is having operations in 10 States in India because it can apply for centralized registration under the current regime of service tax.
Enter GST and this company with operations in 10 States in India would be required to file a whopping number of 370 returns in a year i.e. 37 returns per year per State.
To know about the other impact of GST on service sector, please click here http://bit.ly/2mZ5P1Y.
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