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How Union Budget changes GST law to move onus away from professionals to taxpayers

How Union Budget changes GST law to move onus away from professionals to taxpayers

The Union Budget 2021-22 was presented on February 1, 2021, by the Union Finance Minister Nirmala Sitharaman. While all eyes are on the popular sops expected under the income tax slabs and reliefs, one must also stay updated about the main source of revenue for the government, which is Goods and Services Tax (GST). Indirect Taxes Budget 2021 was crucial because of the collocation of two contrasting situations in the current economic scenario, namely the government’s endeavor to make India a $5 trillion economy by 2025 and the economic slowdown of the worldwide COVID-19 pandemic.

The economy is witnessing a “V” shape trajectory in the GST revenue collections as from October 2020; the collections are consecutively above Rs. 1 lakh crore because of the ease of the compliances and all the restrictions impacted by Covid -19. In light of this recovery, let us understand the impact of GST provision changes in lucid language

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