The goods and services Tax (GST) is becoming a reality. In order to prepare you and your business for this landmark change in regulations the team at Arkay & Arkay brings you this series on the new regulations. Feel free to reach out to us should you have any questions or queries on GST and how it affects your business.
Administration under GST is depended upon the unique ID provided to each service provider or, in certain cases, service receivers. Since GST is proposed to be governed with minimal human intervention it is critical that each entity operating within the GST ecosystem have a unique ID to allow for easy linking of transactions with other entities or , as we shall soon note, transaction with or units within the same entity. The presence of a unique ID allows for identification and accounting of all transactions and facilitates easy credit and , where eligible, refunds of taxes paid under the act.