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GST 2.0: Ideas to improve indirect taxation

 

GST 2.0: Ideas to improve indirect taxation

India is set to complete five years since the implementation of the Goods and Service Tax Law. The journey of the first half decade of this landmark reform has undoubtedly been a rollercoaster ride with a mixed bag of hits and misses.

During this time, India has witnessed changes in effective tax rates and improved supply chain efficiencies. A tax regime founded on a technology-based monitoring system through e-returns, e-invoices, and e-way bills has been one of the biggest achievements of GST in India. It would also be important to laud the success of the Centre-State partnership under the aegis of the GST Council which has ensured that all policy decisions are implemented seamlessly across states.

While the implementation of GST in India has been commendable, the time is ripe for the government to take note of some of the challenges which the business community at large has been facing, from blockage of working capital to duplicity of assessment proceedings.

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