GST has been a gamechanger for India’s economy
The now six-year-old tax regime has resulted in multiple benefits for the government and taxpayers, even as the GST Council has set an example of cooperative federalism, but it still needs to rationalize taxes and not worry about collections that are unlikely to get hit
Ahead of the launch of the goods and services tax (GST) on 1 July 2017, this newspaper on 6 June 2017 had published my piece titled ‘Indian GST: Unparalleled Tax Reform’ in which I had highlighted the unique features of India's GST regime such as the Dual GST structure; Integrated GST mechanism; invoice matching; single digital interface and the establishment of a GST Council. The concluding line of my piece read: “The gains of this little pain (transition to new GST regime) are going to be many and long-lasting for the Indian economy". Six years after the introduction of GST, the general consensus is that the little pain has been worthwhile.