GST: Rising cost of compliance to hurt SMEs the most

Drawing a stark comparison between incomes and expenditure of Indian citizens, finance minister Arun Jaitley in the Union budget speech implied that tax evasion is a serious problem in the county. He said, “The number of people showing income more than Rs50 lakh in the entire country is only 1.72 lakh. We can contrast this with the fact that in the last five years, more than 1.25 crore cars have b…