GST shakes up Indian economy by setting the compliance bar high
While many of the government’s lofty goals will take time to achieve, the transition to a unifying goods and services tax (GST) has witnessed inevitable shocks
Then President Pranab Mukherjee and Prime Minister Narendra Modi at the midnight launch of the goods and services tax (GST) on 1 July 2017. Photo: PIB(PIB)
GST subsumed 17 central, state and local taxes in line with the “one nation, one market, one tax” concept on which it was based. The new regime had tax slabs for goods and services—5%, 12%, 18% and 28%. Photo: PTITechnical glitches in GSTN forced the GST Council, led by FM Arun Jaitley, to extend various deadlines for filing GST returns. Photo: HT