India's biggest reform -- the goods and services tax (GST) will complete one year of rollout on July 1.
The new indirect tax subsumed over a dozen different central and state taxes into one, but with several slabs.
Between then and now, on one hand, the GST has been criticised for being complicated and on the other, hailed for its potential in the formalisation of the Indian economy.
CNBC-TV18 spoke to Marico chairman Harsh Mariwala on what changes he had seen during the new tax regime and how it has affected the FMCG industry in the past one year.
“GST has evolved and is settling down and I am optimistic of the future of the reform and the likely beneficial impact of GST on the Indian economy,” he said.
Mariwala said a lot of people are talking about one rate under GST but India is quite a complex country and the GST council, finance ministry has done the best they can.
According to him, the negative impact of GST has gone now and the tax collections will increase going ahead.
Mariwala expects the government to further simplify forms, condense few slabs, and get sectors like petroleum, real estate under the ambit of GST and all this could lead to better compliance.