"Five years of GST: Is it a gamechanger for MSMEs?"
The milestone of five years of GST Is significant in many ways. For the governments, it is important from the revenue perspective, for instance, even as the assured protection to states for any revenue loss after GST implementation comes to an end. It is also an important juncture to reinforce ‘trust’, the very foundation of cooperative federalism envisaged under GST, more so in the wake of the recent Supreme Court judgment that decisions of the GST Council are not binding on states.
From an industry standpoint, five years provide a good timeframe to assess what more needs to be done for GST to fully achieve its objectives of rationalization of taxes, simplification in compliances, seamless flow of credit, and yielding the benefits of ‘One Nation, One Market’ to businesses at all levels.