India recently celebrated 4 years of completion of GST since its implementation. 1 july has been selected as GST Day by ministry of Finance as GST was enacted on this day 2017. GST (Goods and services tax) is a single indirect tax regime eliminating compounding effects of various taxes at various levels. It was labelled as a game changer by many experts. But the question is how far it has accomplished its goals.
The GST has brought the number of taxpayers to almost double the taxpayers before the implementation of GST
There is a substantially positive change in tax to gross domestic product ratio which signifies a positive impact on Indian economy other than this the process to file taxes and register for GST have been digitised making it convenient for taxpayers. Taxpayers can easily track all their dues and process for GST
Even though the GST has made startup culture easy for some it still has some drawbacks to be tackled. Registering in every state to trade has been tedious and puts a financial burden on the taxpayers. The businesses have to face technical issues in IT platforms of the GST portal that brought some delays in the business. Not separating the micro enterprises from the tax regime has put a burden on small business owners.
Still India has impressed the world by enacting a history making tax regime in the nation. Steps taken by the government have been appreciated by many nations. The overall success of the GST lies in the schemes made keeping the welfare and interest of the stakeholders in mind.