India marks seven years since the implementation of the Goods and Services Tax (GST), introduced on July 1, 2017. The tax reform, which replaced 17 local taxes and fees, has led to reduced prices on a range of household items, resulting in significant savings for the poor and common man. The GST has improved transparency, compliance, and has been particularly beneficial for the middle class by reducing their tax burden. The GST Council continues to simplify tax processes and address retrospective tax demands via Section 11A, aiming to further ease the tax system. However, there are calls to revisit GST's dual structure, rationalize tax rates, and integrate excluded sectors like petrol and diesel for greater economic efficiency. Pratik Jain of PwC India noted the far-reaching steps taken by the GST Council.
7 Years of GST: Households Emerge Top Beneficiaries! Since the implementation of the Goods and Services Tax (GST) on July 1, 2017, most household items have become cheaper. The tax reform, which replaced 17 local taxes and fees, has led to reduced prices on a range of products… https://t.co/ble115DRxu
Seven years on India's #GST journey at a crossroads. #BSEditorial calls for revisiting GST's dual structure, rationaliSing tax rates, and integrating excluded sectors like petrol and diesel. Key reforms crucial for economic efficiency. Read here: https://t.co/D2NOR4oLs3 #India
Explained: How the GST Council aims to address retrospective #tax demands via Section 11A @TimsyJaipuria #GSTCouncil https://t.co/HZBCvFXme4
#GSTCouncil has taken some far-reaching steps: Pratik Jain, #PwC #India https://t.co/3I1BqOIxqt
7 Years of GST Implementation: Upliftment of the Middle Class! GST Implementation was a fantastic decision initiated by the NaMo Government 7 years ago, which has made the middle-class burden-free because of Tax Reduction. It has greatly improved transparency, compliance, and… https://t.co/TDPBk4m424
GST delivers significant relief for the people of India! Since its implementation, everyday items have become more affordable than ever, thus easing people's lives. #GST #NewIndia #7YearsOfGST https://t.co/gOqY2SQ0j1
[#InGraphics] #GSTCouncil’s new steps to simplify #tax processes https://t.co/tB0wN810Kn
For us, reforms are a means to improve the lives of 140 crore Indians. After the introduction of GST, goods for household use have become much cheaper. This has resulted in significant savings for the poor and common man. We are committed to continuing this journey of reforms… https://t.co/dxh3BAYnHH