GST has become the talk of the town in India and certainly this can be claimed with any doubt. But, what we are going to tell you today cab be really interesting for you to know. The European Union countries are now thinking to implement India’s GST model at their countries. And, it is definitely a matter of proud for India. As per the spokespersons of EU, GST has started changing India’s perception not just for policy makers in other countries but also for global investors. While India’s GST implementation has come under a lot of criticism from many in the domestic industry, the indirect tax reform has in fact attracted many global investors who until now were steering clear of India.
Also with GST, India may have moved the value chain and the tax system is almost on a par with countries that have good indirect tax structures, including those in China. There are lots of similarities between the Chinese system and the Indian system. But the Indian system is now extremely similar to the rest of the world’s VAT (Value Added Tax) systems. India has e implemented GST and it is starting to change the country in exactly the ways they were intended to. And actually India has got an awful lot to be proud of in how it has achieved its ambitions. The spokesperson from EU also claimed.
India moved to GST last year on July 1, where all the indirect taxes like sales tax and VAT were subsumed into a single producer tax. This did create initial problems, triggering litigations. In most cases, the government has come out with clarifications. But harnessing full benefits of the biggest tax reform since independence could be delayed if the complexities faced by the industry keep increasing. So, initially it was a tough walk for the financial department for the management of everything but now GST has emerged as the greatest benefit for everyone and the country plus the world is seeing the difference.
There are many hopes with GST and the constant progress in the same is proving it right only. Other nations taking the reference from India’s GST is really a great achievement for the whole nation. Still many improvements are required for the same but whatever will come out from the same it will be beneficial only. Consultation from a reliable tax service company will always be a great aid for you.