One year of GST: New tax regime failed to realise expected benefits; learn why

Jun 29, 2018, 16:39 PM IST
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The Goods and Services Tax (GST) will complete one year in operation on June 30 and the first anniversary will be celebrated on July 1.

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The government did call it Good and Simple Tax, but GST had its fair share of challenges that came up in the implementation stage.

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Here are some reasons why GST failed to realise expected benefits: (Image source: PTI)

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1. Complex procedure: Initially businesspersons were told to file monthly returns. GST Forms were complicated too. (Image source: PTI)

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The govt has simplified the procedure, but more is to be done. (Image source: PTI)

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2. Lack of adequate anti-evasion measures: Govt delayed in implementing the anti-evasion measures. (Image source: PTI)

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Reverse charge mechanism is yet to be rolled out, while e-way bill was launched only recently. (Image source: PTI)

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3. Attitudinal problem: Businessmen in India have this attitude to put off paying taxes to a later date and at the last moment suffer multiple fiascoes. Tax evasion itself is a massive problem. (Image source: PTI)

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This attitude needs to be changed for robust GST collections. (Image source: PTI)

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