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While the GST regime in India is about to complete one year of implementation, many sectors still struggle with post-GST issues.
The Indian GST is a very complex form of indirect tax. The discrepancies in GDP growth and per capita income growth meant that the One Nation One Tax Policy unfolded as a complex fabric of multiple tax slabs intertwined in a fabric of cess and other indirect taxes.
GST is about to complete its one year. And India’s solar power industry is very slowly trying to normalize the upset caused in the renewable energy sector post-GST implementation.
The GST was introduced to boost tax revenue in India. But the first year of GST has been so far a mixed bag in terms of tax revenue. 31 out of the 34 Indian States/UT’s have reported revenue shortfall.
The E-Way Bill introduced under the GST has been a great success and the data proves it. Since inception on April 1, 2018, the total number of E-Way Bills generated sums up to 9 crores 42 lakhs.
A recent report by the French Tech Firm claims a significant increase of 20 percent in the number of Lakhpatis in India over last year.
Around 70% of the total 1.1 crores registered businesses have been filing regular returns within the deadline, confirmed GSTN CEO Prakash Kumar.
GST is about to get a year old. And post discussions and reviews, the Central Government is set to introduce a total of 35 amendments.
In response to the Finance Secretary Hasmukh Adhia’s written concern over the poor performance of the central tax officials when compared to their state tax counterparts
