Hits and Misses after Five Years of GST: Former BSE Chairman, Sethurathnam Ravi Presents His Views
From July 1, 2017, a uniform tax on goods and services - marketed by Prime Minister Narendra Modi as "One Nation, One Tax, One Market" - replaced a bewildering array of local sales and entry levies. After years of pulling in 1 trillion rupees ($13 billion) a month or less, GST collections nowadays are consistently 50% higher. The technology has stabilized. Uniform taxation across the country has gone a long way toward making India a common market, logistics and e-commerce have benefited and apart from checking evasion, real-time data on supply chains promises to help small firms access cheap financing. According to the former BSE Chairman, Sethurathanam Ravi there were some obstacles on the road of GST until its successful acceptance. He says that the way was not easy for GST to get accepted by the people, but surely it was progressive and has finally seen the outcome. After a sluggish start and underwhelming tax collections, GST collections in the past two years have see