Neeraj Kansal IRS explicate how GST enforcement by Indian Government transform the Nation

According to IRS officer Neeraj Kansal, Commissioner of CGST & CX (Audit), Maharashtra Ministry of Finance, “the implementation of the Goods and Services Tax (GST) has transformed the economy into a digital economy and the organization will now help continuous flow of information and the availability of common data for both the Center and the states, which makes the collection of indirect and indirect taxes more efficient”.

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GST is an attempt to erase geographical boundaries and establish a single market available to everybody for buying, selling, importing, and exporting inside the country. However, the impact of GST would not be uniform and will differ by industry. The average person will gain in two ways: first, all taxes would be collected immediately at the point of consumption, and second, consumers will not have to pay a ‘tax on tax’.

Explicating the major aid of GST to the nation, Neeraj Kansal IRS says, “multiple tax points have been eliminated, the cascading tax system has been abolished, and the total tax paid has been reduced in most situations”. As a result, all of these proved to result in lower manufacturing costs and higher profits for the company’s owners. After a point of time, some of these benefits are transferred to the end customers as well.

As GST revenue continues to climb, we all have seen an increase in the number of registered taxpayers and improved compliance due to more returns being filed. All this has become much easier with the introduction of anti-tax evasion tools like e-way bill, reverse charge mechanism and invoice matching system, which was introduced in 2018.

GST receipts surged at Rs 1.03 lakh crores in April 2018. This is much more than the 2017 fiscal year’s monthly average GST collection of Rs 89,885 crores. The progress in collection definitely beneficial to the economy of the nation and that help grow the nation swiftly than desired.

Talking about the GST impact on Indian economy IRS Officer Neeraj Kansal (IRS), CGST commissioner explains, “the tax framework has grown more convenient, decreased the duplication and complexity of tax filings and facilitates the corporate operations. From a macroeconomic standpoint, the government and business anticipated that the GST would be essential in removing economic distortions, providing the required fuel to economic growth.”

GST has achieved the status of transforming the world’s largest and most complex tax system in a very short span of time and that is such herculean task. With GST in action, the nation witnesses significant changes in the manner of how business is done in India. GST is called for best practices in business, training teams and IT systems around the world, that is the only motive and aim for the nation on the earlier stage of GST enforcement.

Thanks to the Government of India to introduce GST to the nation and for being geared up to face all challenges comes along with it. As a result, the business sector has become GST compliant in a very less time and started working on the basis of the sizes, geographic locations and sectors.

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