{"id":7477,"date":"2018-06-29T18:52:21","date_gmt":"2018-06-29T13:22:21","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=7477"},"modified":"2021-06-07T12:09:47","modified_gmt":"2021-06-07T06:39:47","slug":"one-year-of-gst-the-good-the-bad-and-the-future","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/one-year-of-gst-the-good-the-bad-and-the-future\/","title":{"rendered":"One Year of GST: A Report Card"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">It\u2019s already been a year since the Goods and Services Tax took effect in India.\u00a0<\/span><span style=\"font-weight: 400;\">At about this time last year (2017), the entire nation was waiting for a revolution to happen. GST was all set to change the landscape of indirect taxes in India.\u00a0<\/span><span style=\"font-weight: 400;\">How far have we gotten with the \u201cOne Nation &#8211; One Tax\u201d idea? Was it a good idea? Was it a blunder?<\/span><\/p>\n<h3><strong>Let&#8217;s take a look at the first anniversary of our GST &#8211; a report card of the how it fared over the last one year.<\/strong><\/h3>\n<div class=\"cs-embed cs-embed-responsive\"><iframe loading=\"lazy\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/6SPthxd3Rvw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<p><span style=\"font-weight: 400;\">The GST replaced VAT and Service Tax and aimed to consolidate all indirect taxes into:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">CGST &#8211; Central GST<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">SGST &#8211; State GST<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">IGST &#8211; Integrated GST<\/span><\/li>\n<\/ul>\n<h2><strong>The Good:<\/strong><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Helped reduce inflation.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Educated businesses about taxes and importance of invoices.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Helped clean up black money.<\/span><\/li>\n<li>Reduced logistics and cross-state consumption costs.<\/li>\n<li>Brought all businesses under a single roof in terms of indirect taxes.<\/li>\n<li>More people filing tax returns.<\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">\u00a0<strong>The Bad:<\/strong><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Confused businesses about the system.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Complex filing with multiple returns.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A faulty GST Network ridden with loopholes.<\/span><\/li>\n<li>Unorganized law implementation.<\/li>\n<li>Confusing compliance norms.<\/li>\n<li>Exports facing problems with refunds.<\/li>\n<\/ul>\n<h2><strong>The Future?<\/strong><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A stronger GST Network and filing platform<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lesser returns (probably just one a month)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A step-up for Make In India<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Petrol &amp; Diesel to come under GST?<\/span><\/li>\n<li>Making fewer slabs.<\/li>\n<li>Getting more consumer insights and analytics.<\/li>\n<\/ul>\n<h2>Instamojo Take:<\/h2>\n<p>The GST has definitely been a revolutionary change in the way India does business, especially in the MSME segment. But big changes take time to adapt in a country with a business population of over 10 million!<\/p>\n<p>We hope GST filing becomes smoother over the next year and brings in more stability to the process.<\/p>\n<p>Want GST-compliant invoices for your business? <a href=\"https:\/\/www.instamojo.com\/blog\/create-invoices-and-collect-payments-in-one-place-with-instamojo\/\" target=\"_blank\" rel=\"noopener\"><strong><span style=\"color: #3366ff;\">Try Instamojo Invoice generator for free and forget about your GST woes<\/span><\/strong><\/a>!<\/p>\n<hr \/>\n<p style=\"text-align: center;\"><a class=\"mb-button mb-style-flat mb-size-default mb-corners-default mb-text-style-default \" style=\"background-color: #2bc470;\" href=\"https:\/\/www.instamojo.com\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=home_page\" target=\"_blank\" rel=\"noopener\">SIGN UP HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"It\u2019s already been a year since the Goods and Services Tax took effect in India.\u00a0At about this time&hellip;\n","protected":false},"author":5,"featured_media":7479,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[398,1],"tags":[199,200,1589,1512,1590,902,1587,1588,1586],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>One Year of GST: A Report Card - Blog Instamojo<\/title>\n<meta name=\"description\" content=\"It&#039;s one year of GST. At its launch, GST was all set to change the landscape of indirect taxes in India.\u00a0But, how far have we gotten with the \u201cOne Nation - One Tax\u201d idea? Was it a good idea? Was it a blunder? Let&#039;s take a look at the report card.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.instamojo.com\/blog\/one-year-of-gst-the-good-the-bad-and-the-future\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"One Year of GST: A Report Card - Blog Instamojo\" \/>\n<meta property=\"og:description\" content=\"It&#039;s one year of GST. At its launch, GST was all set to change the landscape of indirect taxes in India.\u00a0But, how far have we gotten with the \u201cOne Nation - One Tax\u201d idea? Was it a good idea? Was it a blunder? 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