As India approaches the sixth anniversary of the historic Goods and Services Tax (GST) reform on July 1, 2023, the country is set to embark on a crucial chapter in its economic transformation. To shed light on the road ahead and deliberate on the challenges and opportunities presented by the GST regime, the Federation of Indian Chambers of Commerce and Industry (FICCI) is organizing a GST Conclave titled ‘Journey towards GST 2.0 – Six Years of GST’ on July 3, 2023, in New Delhi. This conclave aims to delve into the key challenges that demand immediate attention, evaluate the impact of GST on ease of doing business and compliance, and gather suggestions for the next milestone of GST.
The Historic Reform
Six years ago, India witnessed a significant economic and tax reform with the implementation of the Goods and Services Tax (GST). The unified tax structure replaced a complex web of indirect taxes, streamlining the taxation system and promoting ease of doing business. This landmark reform aimed to create a single market by removing tax barriers between states and establishing a transparent and efficient tax regime.
Deliberations on Key Challenges
The GST Conclave will provide a platform for stakeholders, industry leaders, policymakers, and experts to deliberate on the critical challenges that demand urgent attention under the GST regime. Issues such as compliance, tax evasion, simplification of procedures, and the inclusion of sectors outside the GST ambit will be key points of discussion. Participants will brainstorm and propose effective solutions to overcome these challenges and further improve the functioning of the GST system.
Impact on Ease of Doing Business and Compliance
One of the primary objectives of the GST reform was to enhance the ease of doing business in India. The conclave will evaluate the impact of GST on businesses, both large and small, and discuss ways to further streamline processes and reduce the compliance burden. Participants will analyze the benefits and drawbacks of the current GST structure, assess its impact on various sectors, and explore measures to foster a more business-friendly environment.
Suggestions for the Next Milestone of GST
The GST Conclave will also serve as a platform to gather valuable suggestions and recommendations for the next phase of GST. As India moves forward, it is crucial to identify areas of improvement and strategize for the future. Participants will share their insights on how to make the GST regime more inclusive, efficient, and supportive of economic growth. These suggestions will shape the agenda for the next milestone of GST and provide a roadmap for further reforms.
Conclusion
As India commemorates the sixth anniversary of the Goods and Services Tax, the GST Conclave organized by FICCI marks a significant event in shaping the future of this transformative reform. The deliberations held during the conclave will shed light on the key challenges faced under the GST regime, evaluate its impact on the ease of doing business, and gather suggestions for the next phase of GST. This gathering of industry leaders, experts, and policymakers signifies the commitment to building a robust and progressive tax system that propels India’s economic growth and development.
