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"
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