GST Day 2024: A former taxman takes stock of the tax regime and the road ahead

The GST, introduced on July 1, 2017, streamlined India's tax system by subsuming many indirect central and state taxes. It eliminated tax cascading, promoted transparency through digitization, and balanced equity. Initial revenue in July 2017 was ₹93,590 crore, growing steadily to ₹1.68 lakh crore monthly by March 2024. April 2024 saw a record ₹2.10 lakh crore. \r

GST formalized much of the economy, increasing registrants to over 1.40 crore by 2024 and boosting direct tax revenues. However, the GST can improve by reducing slabs, pruning exemptions, and including petroleum products. Data analytics should be enhanced for better tax administration. \r

Despite challenges, GST is a success, with 72% of industry leaders recognizing its positive impact.