GST regime to enable Indian auditing firms to take on global competition

PM Modi had exhorted for creating four top Indian consultancy firms by 2022

The Goods and Services Tax (GST) has the propensity to propel the Indian consultancy and auditing firms into the big league and compete with the best globally.
 
The widening of the tax base, shift from informal economy to formal, strict compliance and electronic processes, all stemming from GST, would create a more competitive environment for Indian firms.
 
“GST is a game changer. Even otherwise, there has been a paradigm shift in business processes and strategies to compete and survive in the current environment of rapid technological advancements,” Sidbi-promoted Uttar Pradesh Industrial Consultants Limited (UPICO) Managing Director Pravin Singh told