GST @3 - The Good, The Bad And The Ugly

Since the initial idea was floated, it took almost 17 years for the implementation of GST to replace the erstwhile indirect tax system in India. The government succeeded in completing a daunting task, which involved reaching a consensus with the States, allaying the fears and apprehensions of the industry, striking a balance between revenue augmentation and ease of business, and ultimately passing the Constitutional amendment to codify and implement the GST law. The implementation of GST required strong leadership from the Central government and a willingness to cede certain powers by both the Central and the State governments in the true spirit of co-operative federalism. With GST recently turning 3, we look into some of the positive and negative aspects of this regime, understand how it can be stabilized further and what the future holds.