The following article is an initiative of CNBC-TV18 & PWC India and is intended to create awareness among readers.
One year has passed since the Indian Government rolled out the Goods and Services Tax (GST), hailed as one of the biggest tax reforms in the country since Independence. Despite initial challenges and hiccups, the central government did iron out measures for smooth implementation of the unified tax system.
Within one year, the government eased few regulations for states for effective tax collection, and to assess hits, misses and strategize for next year, CNBC-TV18 and PwC India hosted ‘GST Decoded 1 Year On’, a forum that brought together Statesmen, top policymakers and captains of the Indian industry to discuss the impact of GST in its first year on the Indian economy.
During the session, the State Finance Ministers unanimously agreed that rolling out GST in a diverse country like India was a creditable achievement, yet a lot needs to be done to make it more impactful and help small traders and businesses.
A special report from PwC India titled ‘365 Days of GST: A Historic Journey’ was released by Dr. Hasmukh Adhia, Union Finance Secretary. The report takes a look at current opportunities and challenges faced by businesses and the Government. It also highlights emerging challenges and suggests policy changes.
The event was attended by notable decision makers, policy architects, CEOs, CFOs, top tax consultants, analysing and reviewing the critical journey of the implementation of GST.Watch the full episode here.