The way ahead for goods and services tax
The next 200 days should focus on restoring the reverse charge mechanism, putting in place a modified composition plan along with input tax credit and restarting the e-way bill
The six-month goods and services tax (GST) journey so far has seen technology, procedural compliance and policy withdrawals as speed breakers, but no serious roadblocks are in sight. The rate reductions, and alignments that were done by the GST Council have aided acceptance by various stakeholders. At the moment, the small businesses within the composition scheme are at the traffic light, which continues to be amber for them.