THE LONG WINDING ROADThe landmark goods and services tax GST ), launched on July 1, 2017, has completed two years. The one-nation, one-tax revolution has seen a few hiccups, but it’s settling down and benefits should start to flow sooner rather than later. * GST Council arrangement has worked well*Most decisions have been unanimous*Centre has taken the states along in ironing out issues*Council has proactively addressed issues as they arose3. *Logistics costs down as cargo moving faster across state borders*Indirect tax compliance costs have fallen*Paying taxes has become easier with a single tax*Companies starting to plan without worrying about state boundaries4. *Filing system remains cumbersome*Online filing of receipts and aggregation by system should help*Solve issues over administration of GST7.

Source: Economic Times July 01, 2019 03:46 UTC