Quote on GST Day by Karthik Mani, Partner – Indirect Tax, BDO India
Below the Quote on GST Day by Karthik Mani, Partner – Indirect Tax, BDO India
"Beyond any doubts, implementation of GST in India is one of the key taxation reforms that not only changed the way business manage their taxes but also helped business to adopt technology and improve efficiencies. From multiple State level tax system to a unified tax law, the GST law has grown from ~ Rs.7.19 lakh crore in FY 2017-18 (for 9 months) to Rs. 22.08 lakh crore in FY 2024-25, which reflects the level of economic growth in the country and growth in tax compliance.
While the GST law has overcome its teething issues, it would be critical to understand how the law would evolve in the next decade to support the Governments initiative of ‘Viksit Bharat’ by 2047. While the Government has initiated steps to simplify the law by rationalizing the tax slabs and automate the compliance system, it would be essential for the Government to address the procedural challenges and high value litigations on minor issues that are overshadowing the efforts of the Government.
This article will cover reflecting over the journey of GST in India and what we are looking forward to, in the coming years."
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