Sponsored
    Follow Us:
Sponsored

Arjuna (Fictional Character): Krishna, Today 1st July 2024 marks the completion of 7 years from the implementation of GST law in the country. How is the experience of the taxpayers during these years?

Krishna (Fictional Character): Arjuna, The taxpayers have seen huge revolutions in the indirect tax regime of the country in this 7 years. Although the initial years were tough for the taxpayers & this idea of One Nation One Tax took its time to really simplify taxation for its taxpayers. GST have also brought many wonders(changes) for Indians since its introduction.

Arjuna (Fictional Character): Krishna, What are the significant changes brought in the GST Law since its incorporation.

Krishna (Fictional Character): Arjuna, the GST law undergoes changes nearly every week and there have been numerous amendments to the law from the date of its introduction. However, these 7 changes can surely be termed as the 7 wonders of the GST law as these have not only made significant impact on the routine of taxpayers but have also revolutionized the indirect taxation in the country:

  1. Dual GST (Taj Mahal): Indian Dual GST system is one of its kind much similar to its very own Taj Mahal. Taj Mahal is famous for its beauty and likewise the beauty of this dual GST system enables equal revenue sharing between the central and state governments and thus ensures harmonized taxation in country.
  2. ITC Matching (The Great Wall of China): Just like the Great Wall of China, the introduction of GSTR-2B have put a wall on the excessive ITC claimed by the taxpayers. This automated return is generated on 14th of every month and displays the Input Tax Credit available for the taxpayer based on GSTR 1 filed by suppliers. Taxpayers can claim ITC only upto the amount reflected in the GSTR 2B thus it acts as a wall.
  3. E-Invoicing (Chichen Itza): E-Invoicing have been one of the most important introductions in this GST Era as these E-Invoices are now automatically transmitted to the GSTR 1 Portal and thus the dual requirement of furnishing details have been done away with. This is a well structured approach much similar to the astonishing structures at Chichen Itza.
  4. E-way Bill (Roman Colosseum): Roman Colosseum was a amphitheater were events such as gladiator fights used to take place. Similarly there have always been fights between the department and taxpayers regarding movement of goods and the introduction of E-way bill have now helped oversee the issue to some extent.
  5. Registration-Aadhar Authentication (Christ the Redeemer): Christ the Redeemer is a tall statute of Jesus Christ at Rio de Janeiro, which seems to oversee the whole city much similar to the Introduction of Aadhar Authentication which will oversee and strengthen the GST Registration while preventing bogus registrations.
  6. GSTN Portal (Petra): Petra is known for its out of the world structure and the simplicity of such complex carvings does not fail to amaze the tourists. In the same way the GSTN Portal have time and again proven its competency with capability in handling every GST process right from registration, return filing to refund and cancellation. There have been significant changes to the portal over the users with a view to make the interface more and more friendly for the taxpayers.
  7. Uniform Tax Structure (Machu Pichu): Machu Pichu is a sight to behold which is renowned for its stunning architecture. The Tax Rate and its structure under GST is similarly well constructed and articulated according to the demographic distribution and consumption patterns throughout the country. Zero, Five, Twelve, Eighteen, twenty-eight etc. are well defined and uniform tax rates applicable to different goods and services.

Arjuna (Fictional Character): Krishna, What should one learn from this?

Krishna (Fictional Character): Arjuna, As we lookback at these 7 wonderful years of GST we can only acknowledge the significant efforts taken by the GST Council and the department in adopting technology and simplifying taxation for the large and small taxpayers. There is still a lot of room for improvement such as introduction of faceless assessments, but we hope that with years to come this Goods & Service Tax will more & more prove to be the Good & Simple Tax.

Sponsored

Author Bio

1. Central Council Member of ICAI. 2. Vice-Chairman of WIRC of ICAI for the period 2015-2021. 3. Youngest Chairman of Aurangabad Branch of WIRC of ICAI in 2002. 4. Author of Popular Tax articles series based on Krishna and Arjuna conversation i.e “KARNEETI” published in Lokmat on every View Full Profile

My Published Posts

Taxpayers Win- Case for Rebate u/s 87A on Short Term Capital Gains Understanding New IMS (Invoice Management System) on GST Portal Revamp of Income Tax Act 1961: Key Updates for Taxpayers This Diwali, Celebrate with GST Firecrackers! Cleaning of Books of Accounts & their Worship on the occasion of Diwali View More Published Posts

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Ads Free tax News and Updates
Sponsored
Search Post by Date
December 2024
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031