Suggestions

1) Reversal of Input Tax Credit: This provision has to be amended to MSME,

i.e., in case if the supplier of goods or services or both is from MSME
category the time limit should be reduced to 90 days.

2) Exempt supplies must not form part of “aggregate turnover‟ to determine

threshold limit for taking registration in GST.

3) A clarity is required to determine whether a bundle of supply is a composite

supply or a principal supply.

4) The benefit of composition scheme must be extended to other service

providers by providing certain percentage or ceiling for inter-state outward
supplies of goods for the benefit of SME/MSME sector in true sense.

5) Reverse Charge under Section 9(4) of the CGST Act is to be completely

discarded.
6) Compulsory Registration for “Agents‟.

7) An alternate mechanism is to be developed to provide relief of ITC when

registration is not applied within 30 days.
Conclusion
The Goods and Services Tax, implemented in India in 2017, has greatly impacted
the economy. It has streamlined the tax system, leading to increased compliance
and formalization of the economy.
This has boosted growth in industries such as manufacturing and logistics.
However, there have been challenges, including increased compliance burdens for
small and medium-sized businesses and temporary inflationary pressures.
Despite these challenges, the overall impact of GST has been positive, and the
Indian economy is expected to continue growing.
GST has both positive as well as negative impacts on the economy. It facilitates
economic growth by being transparent and creates loss over a few sectors by the
increased prices of the commodity but the ease of doing business has been helped
by a unified taxation system in the country.
Thus, how GST is viewed in terms of the Indian economy depends on person to
person.
GST has been a major reform in the indirect tax system in India and has resulted in
numerous economic benefits. The government must continue to improve the GST
regime to address the concerns raised by various stakeholders and ensure that all
feel the benefits of GST.
In conclusion, it can be said that GST has been a major reform in the indirect tax
system in India and has resulted in numerous benefits.
However, there is still a need for further improvement in the GST regime,
especially with regard to simplifying the tax structure, reducing the compliance
burden, and resolving technical issues in the IT system.

At last Despite its challenges, it can be concluded that GST has been a positive step
towards creating a unified indirect tax regime in India. GST has provided numerous
economic benefits, including increased revenue collection, improved transparency,
and a unified market.
REFRENCES

1)https://www.gst.gov.in/
2)https://gstcouncil.gov.in/gst-revenue/
3)https://timesofindia.indiatimes.com/city/delhi/
gst-collection-up-17-in-first-6-months-of-fiscal-
delhi-govt-hopes-to-cross-
estimate/articleshow/104874324.cms
4)https://gstcouncil.gov.in/overview-gst-english

REFRENCE BOOK: GOODS AND SERVICE TAX,

DR H.C. MEHROTRA AND PROF.V.P. AGARWAL