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Letter to BS: GST has a long to-do list in its second year

Idea behind GST was not only to formalise the economy but to make the tax net wider

Business Standard 

It refers to “A work in progress” (July 2). Ever since the biggest tax reform, GST, was launched last year, it was not expected to be glitch-free. It was bound to attract criticism and face more than a few teething problems. But to the credit of the Council, it has been more than accommodating to the market and industry demands. At present, we have five slabs, while ideally we should only have maximum two or three slabs. Bringing petrol and diesel under will really transform our economy in a big way as it will positively influence the economy and help reduce inflation as well. Since prices have come down for many goods and services as government has passed on the benefits to the consumers, more is expected from the common man and fuel prices under will make his life all the more convenient. Idea behind GST was not only to formalise the economy but to make the tax net wider, which has happened as many non-tax paying companies have come under its ambit now. With the e-way bill and invoice matching, it will be very difficult to evade tax. What the government and should really focus on is to make GST returns filing a smooth process so that small traders or MSMEs do not find it to be a cumbersome process at all. It should be a work in progress for the Council to keep making it better.

Bal Govind Noida

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First Published: Mon, July 02 2018. 21:53 IST