GST and macroeconomic question marks

Nobody really knows what the new tax regime will do to corporate balance sheets or govt finances

Many years ago, Satish Gujral painted a famous portrait of Jawaharlal Nehru with his hands enmeshed in red tape. As the goods and services tax (GST) rolls out next week, some contemporary artist might want to update that, replacing Nehru with an image of the politician who currently occupies the same position.

India Inc is only just beginning to realise the full dimensions of the red tape the GST will entail. It is epic. Corporates operating across India will need to file literally hundreds of tax returns every year across multiple registration points. The volume of paperwork may drive small