GST the new indirect tax regime which subsumed some dozen taxes in its ambit only to encourage better tax compliance and to be less hefty on the pockets of a common man who avail of different goods and services has clocked the 200th day anniversary today.
And here is a quick check on it success and concerns so far.
GST norms are being tweaked time and again and are once again expected to bring about some major shifts in its January 18 meet. And just ahead of it, the industry decided on a number of important factors.
Compliance and Return Filing the most cumbersome work under GST is most likely to be overhauled as the Industry body expects ease in return filing process. There has been news making rounds that only one GST return shall be required to be filed.
The January 18 meet of GST Council just ahead of Union Budget 2018 presentation is most likely expected to see some big disruption with big bang announcements
Nonetheless if past 199 days of GST implementation are to be seen tax cut rates by a bountiful slab for some more than 150 goods and services provided the much needed relief.
But some of the firms did not met the guidelines and tax regime and continued to overcharge customers and this is under stern check by Anti-profiteering wing of GST.
Exporter's area of concern in respect of refunds is still being looked at and still not managed in entirety as with the latest exports data the concerns are raised back.
These are only some of the broader highlights of GST which has been over the span of 199 days been tweaked several times to better serve the Indian economy at a large level and industry and consumers likewise.