GST was a complete overhaul of the existing taxation system in India. Powered by the GSTN Network, it was India’s first big step towards a true digital economy.
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GST was a complete overhaul of the existing taxation system in India. Powered by the GSTN Network, it was India’s first big step towards a true digital economy.
Yanamala Rama Krishnudu, Minister of Finance and Planning for the State of Andhra Pradesh and also a senior politician from the TDP, has raised concerns over the effectiveness of the GST.
The new Financial year has begun amidst concerns for consecutively decreasing GST Revenues. Though the Government and the GST Council must have had a sigh of relief on Sunday after e-way bill platform was successfully launched post the disastrous first attempt on February 1st this year.
The GST was supposed to make Indian Taxation System Good and Simple. But after more than eight months down the line, it seems that the new GST regime is marred by technical glitches and operational complexities.
Prime minister’s financial advisor Bibek Debroy stated that goods and services tax would take at least 10 years to become normal and manageable.
In a report released after the analysis of the indirect tax systems implemented by 115 countries, the World Bank has declared that the GST system is one of the most complex indirect tax structures with the second highest tax rate in the world.
Gst council meeting is scheduled on Saturday to have to the discussion over the two important topics- the successful implementation of the e-way bill and the lower collection of goods and service tax(GST) under the composite scheme.
On Tuesday, Finance Minister Arun Jaitley assured that the Government would take necessary steps to ensure easy GST compliance. However, the Finance Minister denied even a minuscule possibility of implementing a single tax rate for GST.
Reckitt Benckiser, the British consumer goods major said, due to the implementation of goods and service taxes in India and the cyber attacks across the world, the business of the company has been affected in the quarter ended June.