Further, the GoI should also mandate that businesses would be entitled to claim expenses as tax deductions only if such expenses are made through banking or other electronic means. All businesses could be provided a 6 month - 1 year window to put in place appropriate processes and systems. With GST around the corner, changes to the direct tax regime would provide a comprehensive overhaul to the way India transacts.
The author, Ajay Joseph, Partner – Lakshmikumaran & Sridharan Law Firm.
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