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GST- Gujre Saal Tax (गुजरे साल टैक्स)

GST- Gujre Saal Tax

Last year, July 1st, 2017 midnight GST launched by Prime Minister Mr Narendra Modi. He called it "Good and Simple Tax". On the other hand, GST has been called by political parties, leaders, and common people of India by different-different names. The Opposition leaders strongly take on the government on GST application without preparation. Nobody can forget the last big decision of demonetization by the government. The country economy still not overcome by that cash crunch shock. One year of GST completed after a lot of amendments, in the future GST... GST amendment to be continued...

Before GST there were many doubts about it like inflation will go up, not easy to apply on the ground etc. Finally, for last year retail and wholesale inflation almost have been in control. More than 1200 items with 0% GST tax. Highest 28% GST tax slab maximum items number brought down near about 50. Total of more than 300 items GST rate decreased.

One Nation, One Tax



GST in one year

  1. 1.15 crore businessmen are registered under GST.
  2. GST has four tax slabs 5%, 12%, 18%, 28%.
  3. Average revenue collection in the last 11 months till May2018 is 89 lakh crore. 
  4. 11 crore E-Way Bills (What is an E-way Bill?) generated till now.
  5. 4000-5000 crore collection increased every month by E-Way Bill.  
  6. Form GSTR-2 still not issued, for the return process.

Revenue Collection July 2017- May 2018 (11 Months)

Note: This year the government will focus on simplifying the return process.

Challenges Ahead 

  1. Technology - GST software improvement 
  2. Digitization of small businessmen
  3. GST must be simple
  4. Petrol and Diesel under GST
  5. Real Estate under GST
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Comments

  1. Afleo consultants3:15 PM

    Nice Article! Traders are going digital with their filings which is a very good thing considering our country is going digital but what about the traders in rural India where still most of the population resides it will be a task for them. There are many other points.

    Have a look at our website www.afleo.com where you can find ideas and topics to write your next article, if you are writing on one of the topics mentioned in our website and please do consider us.

    ReplyDelete
    Replies
    1. Saurabh Verma7:44 PM

      Thanks...
      Digitization of small businessmen will take time but finally future is this that digitalization of most of the process.
      I will definitely consider in your last comment words.

      Delete
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