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GST @ ONE YEAR

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 4-7-2018 - Goods and Services Tax was launched on the 1st July, 2017 in a majestic ceremony held in the Central Hall of Parliament on the midnight of 30th June, 2017. The first year has been remarkable both for the sheer variety of challenges that implementation of GST has thrown up and for the willingness and ability of policy makers and tax administrators to rise up to these challenges and respond befittingly. But more important .....

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stage of manufacture and production while States had power to tax sale and purchase of goods. Centre had the exclusive power to tax services. This sort of division of taxing powers created a grey zone which led to legal disputes since determination of what constitutes a goods or service became increasingly difficult. GST collection in last month of first year of GST i.e. June, 2018 is reported to be ₹ 95,610 crore. The breakup of ₹ 95,610 crore is CGST ₹ 15968 crore, SGST S .....

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re to ₹ 91.38 lakh crore in GST regime. GST has improved tax revenue as well as tax compliance. Not only this, GST has been helpful in increasing income tax returns and direct tax revenue as well. Collection of GST revenue w.e.f 01.07.2017-30.06.2018 Tax for the Month Revenue (crores) July, 2017 ₹ 93,590/- August, 2017 ₹ 93,029/- September, 2017 ₹ 95,132/- October, 2017 ₹ 85,931/- November, 2017 ₹ 83,716/- December,2017 ₹ 88,929/- January,2018 ₹ 88 .....

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umber of Invoices processed 380 crores Number of payment transactions 4.03 crores Despite all good features of GST, India GST suffers from many infirmities viz, number of returns and frequency of filing such returns, more tax slabs than desirable, distortions in tax rate via compensation cess, one nation - one tax could not actually happen, fragile and weak GST network and so on…… the list could be long. If we analyze the inflation, though there is rise in general inflation in the .....

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