How has the Goods and Services Tax (GST) evolved in India?
Discuss the potential for a revamped GST version 2.0.
- The Goods and Services Tax (GST) was introduced in India in July 2017 to streamline indirect taxation.
- It aimed to eliminate the cascading effect of multiple taxes, simplify compliance, and create a unified tax system.
- Over the years, the GST system has evolved with regular amendments to address challenges faced by businesses and taxpayers.
- Potential for a revamped GST version 2.0 includes simplifying the tax structure, reducing the number of tax slabs, enhancing technology infrastructure, and improving compliance mechanisms.
- Version 2.0 could also focus on addressing issues related to input tax credit, invoice matching, and seamless inter-state movement of goods.
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