GST

Midnight 1st july 2017 a historic day in indian economy when former president of india "Pranav Mukherjee" and "Government of India" launched "Goods and Services Tax (GST)  a so called "one nation one tax".GST which is an indirect tax(or consumption tax) levied in India on the supply of goods and services.It is levied at every step in production process but is meant to be refunded to all parties in various stages of production other than final consumer. Although it was aimed at levying a uniform tax rate on all produced item it has four slab 5%, 12%, 18%, 28%  because daily basic necessities could not be subjected to have same tax as luxury items.

But since its implemantion it has major criticism rather it be opposition in parliament or from general public. Its continous reshufling in slab classifaction in one of the major issue. Process filling input tax credit return and claiming has been abysmally due some technical glitches. Federation of Indian export organistation(FIEO) claimed that over 20000 crore claims were pending.Business are required to pass on the benifiits of reduction of tax rates and increase in input taxcredit to any supply of goods and services but benifits have not been passed onto consumers.Exemption of many items eg; petrol, diesel etc futher aads to complexities. 

But their is some achivemnts also, post production of e-way bill system has raised gst collection.In may 2018 finance minister of india "Arum Jaitley" claimed that" one lakh crore "gst has been collected in month of april. Formalization of ecomomy has gatheered its pace EPFO subscriber base provides evidence.Registration of business in large number implying expansion of gst base.

To effectively deliver promise of "one nation one tax" economy produced petroluem should  be brought under gst.This would not only expand tax base but will furter remove the cascading effect and benifit citizen. GSTN should be revamped to do away with technological glitiches. Government should improve tax administration process of issuance of notification.They should give proper time to  business man to comply with change. Citizen awareness is required to esure confusion over gst is removed