“The woods are lovely, dark and deep, But I have promises to keep, And miles to go before I sleep, And miles to go before I sleep...
..” these are the lines from the beautiful poem ‘Stopping by Woods by Snowy Evening' by Robert Frost.
These lines aptly reflect the journey of the Indian Goods and Services Tax (GST) regime as it celebrates its seventh anniversary on July 1 this year. Seven years have passed since India undertook a comprehensive overhaul of its indirect tax regime through the introduction of the GST. The journey was marked by significant compromises, particularly between the Union government and hesitant states, with concerns raised about how these compromises might constrain the efficiency gains expected from GST.
Over time, it was hoped that structural barriers within the GST framework would be gradually eliminated, paving the way for substantial efficiency improvements. However, reflecting on these seven years and two general elections later, it becomes evident that more concerted efforts are required to address fundamental shortcomings and enhance the effectiveness of the GST system. At the heart of the GST implementation is the GST Council, a collaborative body comprising ministries from both the states and the Union government.
This council plays a crucial role in deliberating on policy matters, resolving issues, and charting the course for GST's evolution. Yet, despite its pivotal role, ongoing challenges persist, necessitating continuous refinement .
