Five Years of Goods and Services Tax

On July 1, 2022, Goods and Services Tax (GST) marked five years of implementation of the goods & service tax (GST) regime.

About GST: Though the Indian Goods and Services Tax came into force on July 1, 2017, it was in the works for at least 12 years before that.

• The Kelkar Task Force on FRBM was the first to recommend a comprehensive tax on all goods and services, replacing Central level VAT and State level VATs in 2005.
• Under the GST, both the Centre and the States can tax the entire supply chain in both goods as well as services – right from production to distribution.

Benefits: Efficient Working Process; One Nation-One Tax; Proficiency in Information Technology; and Scrapping of Check Gates and Reduction in Cost