GST: Two years on, birth pangs have been addressed, the system has stabilised | The Indian Express

GST: Two years on, birth pangs have been addressed, the system has stabilised | The Indian Express

Written by Sushil Kumar Modi |Updated: July 2, 2019 6:59:42 am

The writer is deputy chief minister of Bihar

GST: Two years on, birth pangs have been addressed, the system has stabilised

Going by international experience, GST has taken between two to five years to stabilise. In this context, in terms of revenue yield, the Indian GST has done remarkably well.

The GST was launched in India with hopes of being a major game-changer for taxpayers as well as for the government.

The GST was launched in India with hopes of being a major game-changer for taxpayers as well as for the government. It was expected to not only boost revenue, but also effect transformative changes to India’s indirect tax regime besides ushering in an era of eased compliance. Most of all, it was expected to relieve the economy of the burden of cascading taxes and be a significant step in the creation of a common national market. As we celebrate its second anniversary, let us take a look into how it has fared so far and where it is headed.