The year 2017 will eternally be carved in the Indian history system as the year has implemented one of the most influential economic changes after Freedom—the Goods and Services Tax (GST). The first time discussion on GST had started in the year 2000, Prime minister Atal Bihari Vajpayee’s government came up with enforcing Goods & Service Tax in India. The reformation took more than a decade with several serious debates and was conclusively administered with force from 1 July 2017, including nearly all indirect taxes at the Central and State levels. It got powerful support from the industry sector, but some sectors came up with new challenges in the country.
Notwithstanding challenges inflicting the GST has undoubtedly shown positive results. As it improves on its course, but have we clearly understood what is GST exactly? GST is not just a tax change but a comprehensive mend of the entire business outline. This is evidenced, in part, by the meticulous process of GST certificate download. Therefore, the GST is one of the imperative changes for the country and crucial for businesses to live competitively in the market.
The primary thought was to have a ‘one nation, one tax.’ But, unfortunately, the ride since its implementation has not been less than a roller coaster journey for the taxpayers.
Some of the positive key indicators:
Easing measures for micro, small and medium enterprises by way of increase in registration threshold limit, starting composition schemes, increasing composition schemes to service providers have been welcomed by taxpayers.
Implementation of e-waybill reduced potential tax leakages and served ease of doing business to give additional impetus to the logistics sector.
Implementation of the GST has paved the move to an easy Indirect Tax composition and a uniform IT landscape in India. Moreover, the process of GST certificate download has adapted to meet these changes. Evenness in the taxation of goods and services across the country. It has decreased lead time and logistic charges, giving a positive result on the supply chain, from imports to final delivery to the consumer.
Under the GST regime, the E-Way Bill system substitutes Way Bills that were required under the previous VAT management for the transportation of goods in states. The Way Bill has been replaced with a single pan-India digitally generated E-Way Bill. It is an important step ahead, which will ease the tax officials to trace differences and question businesses on a real-time basis in the case of significant disparities.
GST law is developing day by day with such advanced technologies the method of GST certificate download has also become easy, with the Government issuing information and clarifications from time to time. Therefore, the Government must adopt an organized way in policy-related matters, while the industry needs to maintain speed with the changes.
In the article, we unrevealed what is GST and how Enforcement of the GST proved to be a remarkable success for the country. The inclusion of almost all the Central and State taxes in GST lessens the price of locally produced goods. It apparently increases the competitiveness of Indian goods and services in the global market and encourages Indian exports. Nevertheless, some notches need to be bridged to make the GST a real achievement for both the Government and the country.