Instant tax credit: An idea whose time has come
Imagine paying for a movie on an OTT channel but being told to wait a day before watching—just to confirm payment. Sounds absurd, right? Yet, when it comes to taxes, businesses face exactly this problem. Whether it’s TDS or GST input tax credit, parties often don’t get instant credit for the taxes, creating cash flow issues, costly reconciliations, and even write offs. Big players demand full payments upfront, but smaller businesses bear the brunt of delays. What if taxes could be paid directly to the government at the time of payment, with instant credit to both parties? It could transform India’s economy, boost trust in transactions, and level the playing field. But is such a system possible? What are the complications? Read Harsh article in Business standard to find out.