In the five years since its launch to create 'One Nation, One Tax, One Market', Goods and Services Tax (GST) has been a cause of celebration as well as a source of worry for the stakeholders. In light of this statement, assess the performance of GST.

GST is a destination based tax system based on consumption that aims to create unified taxation system in India by removing multiple taxes with four slabs launched in 2017 with IGST consult amendments. Performance of GST: 1. Cause of celebration 1. Simplified tax regime - only 5 slabs & few on generalized - it substantially reduced for compliance burden 2. Increase in collection deadline - Table initially struggled to meet Ideation per month => recently Apr 2022

2. Rising number of GST registrations by intend to ICRA 3. Increase in collection deadily - table initially struggled to meet ideation pm month => recently Apr 2022 4. Reduced burden on consumer) due to reduction in cascading effect - with situation for both govt (force services) and citizen burdens Source of worry: 1. Still complicated regime with petrol/diesel & outside GST alcohol - varying tax slabs continuously. PAT Textiles 2. Compliance is still sluggish & Revenue growth hasn't been on target (13.7% CAGR growth, target

3. Complication of GST network - more technical glitch from previous 4. High dissatisfaction since GST - (is recently GFCI touched 108, negative high GST impact of NPA) 5. Federal concern - Issue of GST compensation cert, (2.2T dollar) - state revenues falling => lack of divisional surpluses) Ways forward: 1. Reduce number of rates. 2. Preclude petrol / diesel (into GST - (is reduction cascading effect of petrol driven high excise) (high excise burdens) 3. Accurate dependency on Direct tax - GDP (more reliable income, bilateral & economy and substantial volumes) in GST.