Two years of GST: Road ahead for one nation, one tax

Two years of GST: Road ahead for one nation, one tax
The landmark goods and services tax (GST), launched on July 1, 2017, has completed two years. The one-nation, one-tax revolution has seen a few hiccups, but it’s settling down and benefits should start to flow sooner rather than later. ET looks at what lies ahead

1.Revenues rising despite rate cuts

graph
2.Successful template for centre-state cooperation

Loading...

* GST Council arrangement has worked well

*Most decisions have been unanimous

*Centre has taken the states along in ironing out issues

*Council has proactively addressed issues as they arose

3.Gains beginning to show up

*Logistics costs down as cargo moving faster across state borders

*Indirect tax compliance costs have fallen

*Paying taxes has become easier with a single tax

*Companies starting to plan without worrying about state boundaries

graph1
4.Bring remaining sectors under GST

*Electricity

*Alcohol

*Petroleum products

5.Reduce the number of rate slabs

graph2

6.Simplify procedures

*Filing system remains cumbersome

*Online filing of receipts and aggregation by system should help

*Solve issues over administration of GST

7.Measures to lift revenues

*Steps needed to curb evasion

*Invoice-to-invoice matching and reversing charge

*Reach out to non filers

THE LONG WINDING ROAD……Read more>>

Share:

Loading...
loading...