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GST @3 : Goods and Service Tax regime completes 3 years




The Goods & Service Tax (GST) regime completes 3 years since it was first introduced on July 1st, 2017.


It is evident that GST is the most transformative and far-reaching reform to India’s indirect taxation system.

The three-year journey of the GST regime demonstrates the merits of this reform, never mind the initial hiccups in implementation.


As with any new system, the GST regime has seen many challenges such as technical glitches, extensions, deferments, rate tweaks and simplifications of returns and compliances in the early days.


However, persistent efforts of the Government in streamlining the GST law and actively building and maintaining consensus among the members of the GST Council have been commendable.


I've listed few issues that need to be addressed or improvised for the better implementation of GST:


◆ Improvise GSTN portal

◆ speedy GST refunds processing

◆ Input Tax credit improvisation

◆ Issues with Traditional credit

◆ simplified Tax filings & assessment


For sure, in near future, GST will come out as a milestone achievement in the journey of economic reforms.


Any other thoughts are welcome.


#GST#3yearsofGST#Tax#CBIC#revenue#Finance

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