Five years of Goods and Services Tax (GST).

July 2, 2022

July 1 marks the completion of five years since the Goods and Services (GST) was introduced in our country. It was first discussed in the report of the Kelkar Task Force on indirect taxes in 2003.
GST Bill was first introduced in 2014 as The Constitution (122nd Amendment) Bill.
This got an approval in 2016 and was renumbered in the statute by Rajya Sabha as The Constitution (101st Amendment) Act, 2016.
The tax base has almost doubled in the last five years from 6.63mn to over 13mn.
The introduction of GST has simplified business processes, tax administration and compliances in India, that helped India in improving its rank in Ease of doing Business.
GST has eliminated the tax arbitrage that existed among the states under the CST/VAT regime.