July 1 marks two years of the Goods and Services Tax (GST) implementation. The finance ministry to come up with new reforms in the indirect tax system on Monday. The government may introduce new return system, rationalisation of cash ledger system and a single refund-disbursing mechanism, among others. Minister of State for Finance and Corporate Affairs Anurag Thakur will preside over the event. The introduction of GST was a game-changer for the Indian economy as it has replaced multi-layered, complex indirect tax structure with a simple, transparent and technology-driven tax regime. The ministry said it will introduce the new return system on a trial basis from 1 July and on a mandatory basis from 1 October. Subscribe to Times Of India's Youtube channel here:
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