 "Prime Minister Narendra Modi (right) and then president Pranab Mukherjee launching the goods and services tax on July 1, 2017, at Parliament’s Central Hall in New Delhi | File Photo: PTI")
The goods and services tax (GST) system has more or less stabilised, which is evident from the steady increase in its collections over its seven-year journey.
However, the system still faces a range of challenges that relate to conflicting orders by the authority for advance ruling (AAR), delay in setting up appeal mechanisms against these rulings, and an increasing number of litigations.
With enhanced revenues from GST, one expects that the stage is set for shifting towards GST 2.0. However, reforms such as rationalising rates and including petrol and diesel in its fold may take some time to materialise.
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