In this video:
Dheeraj Rastogi, EVP, Services & Support, Goods and Services Tax Network
Topic: Harnessing Innovation and Technology for Taxation in the Digital Age
Key Highlights:
[1] After 2.5 years of GST launch, we had most services in place. We offered ease of doing business, constituted a uniform tax structure, and online procedures for GST were established.
[2] GST transformed the indirect tax system in the country. It led to reduction in compliance issues, created a level playing field for the taxpayers, brought all indirect taxes under one umbrella, and helped revenue augmentation by fixing leakages.
[3] With the implementation of GST, customers became beneficiary of increased competition, the prices of products and services dropped, and it also enabled free moment of products and services across the country.
[4] Around 25 years back, the reporting used to be transaction based but under the supervision of an inspector. Electronic invoice journey has also laid emphasis on transaction-based reporting, however, removed the inspector’s intervention and made processes transparent.
[5] In the realm of taxes in India, we moved from ‘jugaad’ from around 25 years back to world class public digital infrastructure today.