An Analysis of Goods & Services Tax in India after One Year Operation

Goods & Services Tax (GST) in India came into effect from 1st July 2017 with high expectation from all concerned. It was further opined that “With the launch of GST, Team India has proven its potential and diligence. The people connected with GST have gone beyond politics and unanimously contributed to ensure welfare of the poor class”. After the GST implementation, several States have reported growth in revenue collection during the first few months followed by a dip in revenue collection in spite of the widening of the tax net and better compliance of GST rules. In this paper, an attempt has been made to review the effects of GST after its operation in India during the last twelve months of operation. The post-GST era in India has so far witnessed numerous exporter strikes, error and mismatch in returns filed. GST in India not only boasts of one of the highest tax rates but also consists of the largest number of tax slabs. It is worthwhile to mention in this context that GST may be considered as a tool of doing business at ease in India