The goods and services tax (GST) regime completed 4 years

GST  (Goods & Services) there are issues which still that bog & disrupt several industrial sectors in India. In some sense it is still work in progress.

But Unquestionably gst still remains post independence India's the boldest reform. 

A quick low down on the GST journey now that it has covered 4 years yesterday.

 Watch: https://www.youtube.com/watch?v=r5Ld6110rPM

Beneficiary Segments: Textile, Garment & footwear sectors in more than one ways.

Hits & Misses

Upside:

• GST reduced compliance burden unambiguously
• GST reduced input costs of the garment industry by subsuming complicated taxes
• What it has facilitated is such as streamlining payments, minimising multiplicity in taxes, reducing/ doing away with overlap & easing documentation resulting in targeted record keeping
• It has also resulted in integration of manufacturing activities in the units and across units in this fragmented sector

Downside:

What it is not as demanded that all indirect taxes must be brought under GST, so that exporters only need to claim a refund of the input taxes paid, making the system more efficient than separate reimbursement schemes

Issues that need redressal :

Reduction of GST slabs,

Inverted duty structure etc.

As per AEPC (APPAREL EXPORT PROMOTION COUNCIL),Chairman Dr A Sakthivel,"Though GST initially posed a lot of problems, over time GST has achieved it objective"