The journey so far has not been significantly turbulent, even though it’s not time yet to unfasten our seat belts
INDIAN BUSINESSES HAVE FASTENED their seat belts for this new journey with the Goods and Services Tax (GST) that took off on 1 July 2017. Despite political resistance and a notion of unpreparedness within the business community, the government could successfully introduce the biggest and most deliberated legislation. Even though the GST was a much-talked-of legislation, discussed across almost a decade that stretched way back into the tenure of the previous government, business concerns and taxpayers at large were unsure of its repercussions on the economy.
It is remarkable, however, that all the negative perceptions faded gradually over a period of a year because of positive landmark developments that emerged in the GST regime – developments that were absent before.The GST has transformed the multi-layered taxation system into a single-layered taxation system, thereby eliminating the cascading effect to a great extent.
The journey so far has ironed out significant issues relating to classification of goods and services, classification of two different categories of services, issues relating to CENVAT availability, double taxation, check-post barriers etc. These issues have come to an end. Although, it will not be correct to claim that the GST is a litigation-free legislation. Even so, the progress of this momentous regime in the course of just a year, is remarkable.
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