GST@2: The road ahead
The Goods and Services Tax (GST), the biggest and most transformational economic reform in Indian history, completed two years on 30 June 2019.
Publicised as the ‘one nation one tax’, GST brought with it expectations of a simple, stable and transparent tax regime, which would result in an overall reduction in the prices of goods and services and facilitate barrier-free movement of goods across India.
The Government has walked a tight rope in terms of its meeting the expectations of end consumers and industry as well as ensuring buoyancy in revenue collections and tax administration.
“For industry as well as the Government, the first year was more about transitioning into the new regime and dealing with initial teething issues. For the Government, the second year has been about bringing stability and simplicity in laws, while augmenting its efforts to expand the tax base, primarily through more efficient use of technology. Industry, on the other hand, has started settling in the new environment while exploring the benefits GST has to offer.”
Pratik Jain
Partner and Leader,
Indirect Tax, PwC India
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