It was in early 2000, when at a meeting convened by then prime minister Atal Bihari Vajpayee, the economic advisory panel—comprising the Reserve Bank of India (RBI) Governor Bimal Jalan and his predecessors I.G. Patel and C. Rangarajan—advocated for sweeping reforms in the country’s tax structure. With India newly opened to global investments and seen as a burgeoning consumer market, the need for a simpler, unified tax system became evident.
The seeds of change were sown when finance minister Yashwant Sinha, in July 2000, announced the formation of two task forces led by his advisor, economist Vijay Kelkar. Among their recommendations, the proposal for a unified Goods and Services Tax (GST) emerged as a game-changer, aiming to replace the fragmented and cumbersome tax regime. The focus was on reducing cascading taxes, simplifying compliance and fostering economic integration.
Fast forward to July 2017, India finally implemented the GST, unifying 17 central and state taxes. It introduced three major changes: taxation moved to the point of consumption, replacing the earlier system of levies at factory gates; the cascading effect of taxes was minimised through input tax credits; a single GST return replaced the need for multiple tax filings.
This story is from the December 30, 2024 edition of India Today.
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This story is from the December 30, 2024 edition of India Today.
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