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It has been around 30 months that the reformation of the Goods and services tax has begun to make it the “Goods and Simple” tax. Reports suggest that the effective rate of tax and supply chain efficiencies for businesses has been reduced substantially. However, word on the street is that it is not simpler and the compliance burden has also increased. In this backdrop, policymakers should focus on building on its successes and addressing its drawbacks to achieve its full potential.
To address these challenges, certain structural changes need to be observed closely to make the GST more stable.
However, the revenue collection is likely to improve with the new compliance regulations that also include e-invoicing and real-time tracking of input credits as claimed by businesses.
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