EDITORIAL: AN INCOMPLETE REFORM
India's tryst with the Goods and Services Tax (GST) completed six years this month.
EDITORIAL: AN INCOMPLETE REFORM
India's tryst with the Goods and Services Tax (GST) completed six years this month.
This June, GST revenues crossed 1.6 lakh crore, lifting the average collections in the first quarter of this year to nearly 1.7 lakh crore. Tightening compliance and post-pandemic recovery have helped improve revenues from the GST. GST compensation cess levies have been extended till atleast March 2026, instead of the initial five year tenure, due to the transitory shock of COVID-19 lockdowns on revenues.
• GST—Goods and Services Tax is a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services throughout India.
• It has been established by the 101st Constitutional Amendment Act, 2016.
• GST Council— Article 279A mentions a GST Council to be formed by the President to administer & govern GST.
• The Union Finance Minister of India is the Chairman, with ministers nominated by the state governments as its members.