GST has changed the ways the system used to go as after the implementation of GST, some bad and good changes can be seen in the Indian economy. In the workshop held by the central statistics office on the occasion of the release of new series of index of industrial production (IIP), Considering effects of GST on the Indian economy, chief statistician T C A Anant, secretary in the ministry of statistics and program implementation, spoke out in favour of GST implementation. He said that introduction of the new indirect tax system will help India to stand-out with it’s timely reporting system. As each and every taxpayer has to register himself on the system thereby making a strong unified system.
“Feasibility to be Studied. It raises the possibility that we can create much more dynamic indices. But whether they will be feasible or not, whether the necessary degree of dis-aggregation in GST filing will be available or not, are matters that will have to be carefully studied before this can be answered”, said T C A Anant.
The online governance system we can see will be very fruitful in near future and will help us to extract the data regarding the particular person or business such as location, products, incomes, and turnovers. “All of this changes as we move towards more online governance systems, with faster reporting. These create possibilities for the statistician”, he said. The data not only help in extracting the personal information but also will help in giving an outlook to our country. It will be easier to evaluate the economy and derive the statistics.
“The frames which IIP and most industrial statistics are compiled, is based on the registration systems followed under the factories act – a decentralised mechanism with different states maintaining different registers”, Dr. Anant said.
Previously, the system was mostly paper-based and all the information were just stored in the files. To extract out the data and update the same were quite time-consuming which made data decentralised. The new online system is feasible and makes the system centralized. As all the inward or outward or inter-state supplies are connected and tracked by invoices, the auto-population and tax-evasion tracking have become easy now.
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Introducing the new dynamic index, T C A Anant said that in the advanced system where the present scenario of the economy is captured so quickly, we need a fast reporting system and GST has done it well. He further said, by creating the centralized system India is going to be the best example of implementation of the GST. India can cover up the lag of two years which it faces in annual surveys of industries performance, the new online system will help to boost it by providing reporting easy.
