India's Goods and Services Tax (GST) Marks 9‑Year Milestone with Near‑Universal Business Acceptance

The Goods and Services Tax (GST) in India, now completing nine years, is celebrated as the country's biggest tax reform since independence. A Deloitte survey reports that more than 99 % of businesses rate their GST experience positively, with negative sentiment falling to near zero. Companies cite digital compliance (69 %), automation (54 %) and stable e‑invoicing/e‑way bills (48 %) as key improvements. The survey also notes a sharp rise in MSMEs filing quarterly returns, climbing from 12 % in 2023 to 67 % in 2026.

GST 2.0 is slated to introduce an intelligent, predictive framework leveraging AI for compliance and dispute reduction, aiming for a seamless taxpayer experience. Finance Minister Nirmala Sitharaman highlighted that rate rationalisation and lower slabs have boosted household purchasing power and business efficiency. Since launch, the number of registered taxpayers has more than doubled—from 66.5 lakh to about 1.6 crore—and monthly GST collections have risen from ₹89,700 crore in 2017‑18 to ₹1.85 lakh crore in FY26, driving annual revenues to ₹22.27 lakh crore.

Technical guidance on GST valuation clarifies that when price is the sole consideration, the transaction value equals the actual price paid, with additions for packing, freight, commissions, etc. Distinctions between composite and mixed supplies are also outlined: composite supplies bundle goods/services with a principal element taxed at its rate, while mixed supplies combine items for a single price but lack a principal component, leading to different tax treatments.