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According to a recent report, the performance of the Goods and Services Tax Network (GSTN) has steadily improved over time. The report, which was released by the Ministry of Finance, highlights the progress made by GSTN in terms of data processing speed, stability, and reliability.
The GSTN is a technology platform that was set up to enable the implementation of the GST, which is India's unified tax system. It serves as a single interface for taxpayers to file their tax returns and make payments, and it also acts as a repository for all GST-related data.
When GST was implemented in India in July 2017, the GSTN faced a number of challenges in handling the high volume of transactions and data that were being processed. There were also concerns about the system's stability and reliability, with reports of technical glitches and slow processing times.
However, the new report suggests that the GSTN has made significant progress in addressing these issues. According to the report, the data processing speed of the GSTN has increased by 10 times since the launch of the system. In addition, the platform's uptime has improved from around 94% in 2017-18 to over 99% in 2020-21, indicating greater stability and reliability.
The report also highlights other improvements made by the GSTN, such as the implementation of advanced analytics and artificial intelligence to improve tax compliance, and the introduction of new features such as SMS and email alerts to help taxpayers stay updated on their GST obligations.
Overall, the report suggests that the GSTN has come a long way since its launch in 2017, and that it has made significant strides in improving its performance and reliability. As India continues to implement the GST, the GSTN is likely to play a critical role in ensuring the smooth functioning of the tax system, and its ongoing improvements will be closely watched by taxpayers and policymakers alike. To know more in detail contact ASC Group.
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