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 on 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 more than 300 items GST rate decreased.
One Nation, One Tax
GST in one year
- 1.15 crore businessmen are registered under GST.
- GST has four tax slabs 5%, 12%, 18%, 28%.
- Average revenue collection in last 11 months till May2018 is 89 lakh crore.
- 11 crore E-Way Bills (What is an E-way Bill?) generated till now.
- 4000-5000 crore collection increased every month by E-Way Bill.
- Form GSTR-2 still not issued, for the return process.
Revenue Collection July 2017- May 2018 (11 Months)
Note: This year government will focus on simplifying the return process.
Challenges Ahead
- Technology - GST software improvement
- Digitization of small businessmen
- GST must be simple
- Petrol and Diesel under GST
- Real Estate under GST
