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Jul 02, 2024
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GST: Reimagining input tax credit norms
With Goods and Services Tax (GST) reaching its seventh-year mark, one should acknowledge and appreciate the endless efforts of the Indian Government for implementing it in a country which has had a history of complex and multi-tier indirect tax laws. The Ministry of Finance, along with the GST Council, has undertaken a major responsibility of bringing in many clarifications by issuing over 300 circulars in the last seven years, focusing on trade facilitation, reducing the burden of compliance, and providing relief to taxpayers. This has demonstrated to the global market that India is capable of rapid growth and evolution, with emphasis on enhancing the ease of doing business in the economy.
This approach has also benefited the Government, which is evident from the significant increase in GST revenue collections over the last few years.
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