GST@7 - Building blocks for a Viksit Bharat

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Over the past seven years, the Goods and Services Tax (GST) has been a catalyst for profound economic and tax reforms in India. It has not only boosted indirect tax revenues but also spearheaded a digital revolution, simplifying compliance processes from registration to return filing.

The seamless integration of e-invoicing and e-way bill systems brought more businesses into the formal economy, enhancing compliance, transparency, and economic resilience, marking a significant stride towards a Viksit India.

The government has made significant strides in simplifying tax compliance, reducing litigation, and implementing tax-friendly policies to enhance the ease of doing business. Looking ahead, we can anticipate further automation and streamlining of compliance, faceless GST assessments similar to those in direct tax, and the digital integration of data between departments.

Riaz Thingna Partner, Tax, Regulatory & Finance Consulting Grant Thornton Bharat

The GST revenue collection has shown a commendable upward trajectory over the past seven years with strong growth.

The GST has revolutionised the digital landscape through relentless efforts in automating and streamlining compliance processes. This includes introducing new functionalities on the GSTN portal, biometric Aadhaar authentication, and enhancements to the e-invoice and e-way bill portal, significantly improving the logistics and supply chain efficiency. The government’s persistent focus on resolving key industry issues and minimise tax evasion has been commendable.

Krishan Arora Partner, Tax, Regulatory & Finance Consulting, Grant Thornton Bharat

Technology driven initiatives

Finally, after seven years of GST implementation, the government is gearing up to operationalise all benches of the GSTAT tribunal. This was much needed to alleviate the burden on the High Courts, which had been overwhelmed due to a lack of alternate remedies. The introduction of amnesty schemes aims to reduce the ongoing litigation and represents a significant step in the right direction to provide practical solutions for settling past disputes.

Manoj Mishra Partner, Tax, Partner, Tax, Regulatory & Finance Consulting, Grant Thornton Bharat

GST Appellate Tribunal

The progress on long awaited GST Appellate Tribunal accelerated over the past year with major developments on the judicial front.