It has been one year since India incorporated the GST to establish one India tax plan and achieve goals and reduce tax evasion. As many as 17 taxes and multiple cesses are subsumed into. The new regime provided for free flow of tax credits and eliminates cascading effect i.e. tax on tax, boosting company financials and resulting reduction in selling price. Surely there are some loopholes till now on which the GST Council need to work on it but overall the implementation of GST in a diverse country like India is appreciable. The reverse charge and input tax credit claim are really deserving to be mentioned separately.
It need to be noted that about 11.2 million taxpayers in which 4.8 million newly registered tax payers under GST regime, about 4 crores returns have been filed and 380 crores of invoice have been processed by the GST network. On an average, revenue from GST is Rs 89885 crores over one year and it is expected to increase further as collection in the month of June is Rs 95610 crores. After greater formalization it also helps to increase direct tax payers base from 5.43 crores in FY 2016-2017 to 6.84 crores in FY 2017-2018.
Inspite of overall successful one-year journey of GST, the GST council need to do lot of work on it, compliance need to be simplified, there are too many tax rate slabs which is need to be addressed, disputes resolution also need a special attention, GST implemented on over 1800 thousand of goods and services, but Petroleum products are not come under GST regime, as a result there are various rate for petroleum products in the various part of the country and implementation of GST on petroleum products not only enable the one rate for petroleum products throughout the country but also reduce the price of petroleum product if highest tax rate under GST regime remain unchanged and no cesses are applied on it and finally, administrative aspects are also need special attention as GST Council comprises both state and central govt. representatives, so they should not be politically biased and country’s welfare must be their first priority when they implement any decision.
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