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One year of GST: Sowing the seeds for fruits of GDP growth in the future

One year of GST: Sowing the seeds for fruits of GDP growth in the future on Business Standard. GST may have had issues at the time of roll out and some creases need to be ironed out but it will help India's GDP grow<br>

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One year of GST: Sowing the seeds for fruits of GDP growth in the future

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  1. One year of GST: Sowing the seeds for fruits of GDP growth in the future GST may have had issues at the time of roll out and some creases need to be ironed out but it will help India's GDP grow.

  2. A year back when GST was being rolled out, this was a point of time when many state legislatures were in the mode of circumspection. GST was long needed for establishing a robust indirect tax system in the country. It came in at a right time when the 'Digital India' campaign had started to succeed in reaching across the length and breadth of the country. Let’s check out some of the hits that GST has marked for itself : GST law functioning under a shelter of a robust technology Despite GSTN having a tight deadline to prepare a robust system to handle various GST compliances like Migration, Registrations, Return filing and Refund processing, a sound and reliable system was set-up for citizens to operate. At times, system software and hardware failed to take the load and hence crashed. Not only this, despite online filing, a manual submission of form RFD-01A - for GST refunds - continues till today. But a look into the legal structure of GST formulated by the GST council and the lawmakers, a proper technology backing is a must. Nevertheless, GSTN is dedicated towards building a strong GST portal in an ongoing effort to resolve tech issues. Salute to GST council’s statecraft Uphill task of decision-making that had a nation-wide impact was managed with strong and principled diplomacy. The statesmanship shown by all the members of the state is appreciable. Timely meetings ( offline and through video conferencing ) to discuss various relevant concerns of trade and industry worked well. Handling of the entire process of simplification in GST return filing to make it taxpayer-friendly in short time is welcome. The revenue figures for May 2018 of GST collected stands approximately at 940 billion, which is above the monthly average GST collected for any previous month. Despite GST stabilising with anti-tax evasion measures such as e-way bill mechanism, there are few misses that need further deliberation: Read More

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