Shorts- GST Review

July 07, 2016
At the stroke of midnight, the country has made a giant leap by ushering in a historic tax reform on the front of indirect taxes and achieved its long elusive dream of 'one nation one market '. Though GST is a spectacular feat achieved through political bipartisanship displayed by the parties across the political spectrum,  its intended benefits such as buoyancy in tax revenue, ease of doing business and high tax compliance will be realised only in the longer run. As things stands today, GST represents a complicated tax structure with far many tax rates ranging from 0 percent to 28 percent with a plenty of scope for rent seeking and lobbying on the ground. So it is now incumbent upon the centre to take steps towards the direction of simplifying GST regime. Addressing the concerns of trade, businesses about the various aspects of operational and legal framework concerning GST brooks no delay. No doubt, GST regime is a watershed moment in the independent history of the country, but much needs to be done to rationalise the existing multiple rates and ensure the benefits of GST tax rate cuts are passed on to the  consumers.

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