The goods and services tax (GST), introduced in India on 1 July 2017, replaced a host of indirect taxes being levied by the central and state governments, which has changed the taxation landscape. The underlying theme was to have a ‘one nation one tax’ which would improve ease of doing business for taxpayers, bring in transparency, ensure timely compliance and ultimately reduce the tax burden for the common man. The journey since its implementation has been nothing short of a roller coaster ride for the taxpayers. As we approach the completion of second year of GST in India, it is a good time to take stock of the significant developments, milestones achieved and the way forward.The GST Council and Central Board of Indirect Taxes and Customs (CBIC) have played an important role in handholding taxpayers/businesses for smooth transition to this new regime and in addressing their grievances.The GST Council has till date held 34 meetings wherein important decisions have been … [Read more...] about GST in India—the journey so far
Gst reforms in india
IMF Chief Economist Maurice Obstfeld praises GST reform, says India’s growth “very solid”
India's growth has been "very solid" over the past four years, IMF's Chief Economist Maurice Obstfeld on Sunday said, praising the fundamental economic reforms like the GST and the Insolvency and Bankruptcy Code carried out by the government. Obstfeld, 66, -- who is set to retire this month-end -- will be succeeded by Gita Gopinath, the second Indian to be appointed to the position. Former RBI Governor Raghuram Rajan had served as Chief Economist of the International Monetary Fund. "India under the government of Prime Minister Narendra Modi has carried out some really fundamental reforms. These include the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code...A lot of what they have done on financial inclusion has been really important," Obstfeld told a group of journalists here. Summing up his impression of India's economy in the last four-and-a-half years of the Modi government, the top IMF economist said the country's "growth performance has been very solid". "I mean, … [Read more...] about IMF Chief Economist Maurice Obstfeld praises GST reform, says India’s growth “very solid”
Economic reforms in India will help Nepal, says NITI vice chair
Kathmandu, September 20 Regional economies in South Asia, including Nepal, will benefit from the reform initiatives of India to attract investment for accelerated economic growth, said Rajiv Kumar, vice chair of the NITI Aayog – the revamped National Planning Commission of India. Delivering a public lecture here titled ‘The Promise of Economic Reforms, Innovation and Connectivity’ organised jointly by Kathmandu University, Barbara Foundation and Institute for Integrated Development Studies, the vice chair of NITI Aayog said that India is in a comfortable position to achieve nearly double digit growth of around eight per cent for the next few years because of the reforms initiated by the incumbent Modi government. “Growth will hover around 7.5 per cent in India this year because of the impact of the goods and services tax (GST) as small scale exporters faced hassles to come into the GST bracket in the initial year of the execution of the new tax … [Read more...] about Economic reforms in India will help Nepal, says NITI vice chair
GST gets standing ovation from IMF: ‘Milestone reform’ in India’s tax policy; could be even better
The IMF today described the Goods and Services Tax (GST) as a “milestone reform” in India’s tax policy, but pushed for a simplified structure, saying the multiple rate structure and other features could give rise to high compliance and administrative costs. In its annual country report, the International Monetary Fund also said that a dual rate structure with a low standard rate and an additional higher rate on select items can be progressive and preserve revenue neutrality. The GST is an indirect tax levied on the supply of goods and services in India. It came into effect on July 1, 2017. “Yet, the GST has a complex structure with a relatively high number of rates (and exemptions), which could be simplified without sacrificing progressivity of the current GST and with potentially significant gains from lower compliance and administrative costs,” it said. A dual rate structure with a low standard rate and an additional higher rate on select items can be … [Read more...] about GST gets standing ovation from IMF: ‘Milestone reform’ in India’s tax policy; could be even better
GST ‘milestone reform’ but India should consider simpler rate structure: IMF
New Delhi/ Washington: The International Monetary Fund (IMF) on Wednesday described the Goods and Services Tax (GST) as a "milestone reform" in India's tax policy, but pushed for a simplified structure, saying the multiple rate structure and other features could give rise to high compliance and administrative costs. In its annual country report, the IMF also said that a dual rate structure with a low standard rate and an additional higher rate on select items can be progressive and preserve revenue neutrality. The GST is an indirect tax levied on the supply of goods and services in India. It came into effect on July 1, 2017. The IMF said that GST is a milestone reform in India's tax policy, taking the important step of unifying and harmonising numerous indirect taxes across all states of the federation and the central government. "Yet, the GST has a complex structure with a relatively high number of rates (and exemptions), which could be simplified without sacrificing … [Read more...] about GST ‘milestone reform’ but India should consider simpler rate structure: IMF