THE GST JOURNEY: COMPREHENSIVE INSIGHTS INTO COMPLIANCE AND UNIQUE FEATURES

Abstract

The Goods and Services Tax (GST) is a comprehensive and indirect tax levied on the supply of goods or services in India. It is a multi-stage, destination-based tax that is collected at every stage of the production and distribution chain. Any tax paid at the previous stages can be claimed as input tax credit, making the system more efficient and reducing the cascading effect of taxes. GST has played a significant role in simplifying India's tax structure and has had a positive impact on the country's economy. It has led to improved compliance, higher government tax revenues, and streamlined processes for businesses. A thorough analysis of the 6-year experience with GST has focused on key features and compliances, with particular attention to trends in registration, return filing, and tax collection. The study is based on the secondary data and analysed with the help of tables and charts. The findings have shown a clear correlation between GST revenue collection and improved compliance, indicating the effectiveness of the tax reform. To further enhance tax regulations, it is crucial for tax authorities to provide comprehensive guidance and support to businesses to navigate the complex tax landscape and ensure continued success and growth.