NEW GST REFORMS

GST reforms have come to the fore again. Ashish Bhatia with inputs from Prateek Pardeshi highlights the implications.

Hailed as a landmark reform by GoI, Goods and Services Tax (GST) challenges came to the fore once again in Union Budget 2022-23. The FM lauded the GST council for enabling the GoI to overcome an initial set of challenges and building a fully IT-driven and “progressive” GST regime. Like the industry, the FM admitted that challenges remain. Resorting to overcome them in 2022-23, the FM lauded the buoyant growth in collections and hailed taxpayers for their cooperation. Notably, 16 per cent of the government revenue is attributed to GST and the net can be widened in all probability. Claiming to have struck the right balance between facilitation and enforcement, the FM, credited it for resulting in better compliances