GST was launched with much fanfare at midnight, July 1, 2017 replacing 17 erstwhile laws, both Central and State level. The learning curve of both, the Government and the industry, has been steep over the near 9 months that have elapsed. And, astonishingly, the multitude of notifications, circulars and press releases have left India gasping and clutching at straws to stay afloat.
Having said that, the intention is honorable and must be respected and supported in every way. The long run will prove that GST is certainly good for the Indian economy contrary to oscillating views doing the rounds as of now. Any new legislation takes time to settle down, as will GST. Till then, thoughts and deliberations between the two stakeholders, the Government and the industry, will continue. Amongst many others, the following 5 things have the potential of disruption to a much larger extent and merit greater debate.
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