Two years down: GST's impact on India

Goods and services tax (GST) is a major strategic reform which was introduced to the Indian Economy in July, 2017.It was presented in efforts to streamline rickety indirect taxes and create an ecosystem of change and transformation across the country. GST aimed at free flow of goods and services and abolish the complex multiple tax system. Here’s a brief look into the revolutionary impact of GST in India after two years since its implementation:-

1.Efficiency in Business
GST has resulted in reduction of enormous number of tax employees and business registrations. It has alleviated the physical effort wasted in long lines and quibbles at the tax office.

2.Online records
Handling heavy bundles of ledgers is a headache .This has been mitigated and shifted to online filing and observation of data through customised software. Issuance of tax invoices is also done through computerised billing rather than manual bills in retail sector.

3.Surge in Expenditure Spectrum
Purchasing power of an Individual has burgeoned due to reduction in multiple taxes in supply chain.

4.Tax on tax effect
The cascading effect of taxes has been trivialised due to mobilization of all indirect taxes into a single comprehensive one.

To wrap, the tax regime has considerably helped in refining the economy to move favourably towards a structured sector.

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