94 thoughts on “A Year Under GST- Rhetoric vs. Reality”
Harsh Makwana
Opposition parties were once critical of GST but now they have no issues with this. This shows how their criticism was totally unfounded and just for the sake of gaining attention of media and public.
Any reform measure takes time to settle and GST is one of the most radical changes in recent past. At least a period of 5 years must be given to this new regime to settle down and work smoothly.
Global trade is already uncder stress due to protectionist and inward looking policies of governments of USA and China. Indian exporters are additionally being hit with delay in credit of input taxes.
India cannot have a single slab GST because the welfare government of country cannot tax milk and luxury cars at same rates. Hence anyone criticising multiple slabs is on the wrong side.
Just like indirect tax, the government should also bring changes to direct tax by reducing tax rates for smaller enterprises and increasing them for companies that have low input costs like IT sector.
If someone says that by introducing similar indirect tax rate for goods and services across the country will undermine federal structure, he must know that GST council comprises of states as well.
GST is a laudable work of government and its socio-economic benefits will be many. It will not only increase tax collection but it will also provide increased opportunities to youth for employment.
States earn a major chunk of their revenue from levies on petrol and diesel hence expecting them to allow bring these commodities under GST is a dream. At least for next 2 years the scheme will not change.
It is true that economy has been formalised by GST in a way that more and more enterprises are turning to paying their share of taxes and reporting their revenues in true and fair manner.
The rate structure is vague and it has to be rationalised so that more everyday goods and services attract less levies. The 28% slab has to go since it inflates the costs too much.
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Opposition parties were once critical of GST but now they have no issues with this. This shows how their criticism was totally unfounded and just for the sake of gaining attention of media and public.
Any reform measure takes time to settle and GST is one of the most radical changes in recent past. At least a period of 5 years must be given to this new regime to settle down and work smoothly.
Global trade is already uncder stress due to protectionist and inward looking policies of governments of USA and China. Indian exporters are additionally being hit with delay in credit of input taxes.
India cannot have a single slab GST because the welfare government of country cannot tax milk and luxury cars at same rates. Hence anyone criticising multiple slabs is on the wrong side.
Just like indirect tax, the government should also bring changes to direct tax by reducing tax rates for smaller enterprises and increasing them for companies that have low input costs like IT sector.
If someone says that by introducing similar indirect tax rate for goods and services across the country will undermine federal structure, he must know that GST council comprises of states as well.
GST is a laudable work of government and its socio-economic benefits will be many. It will not only increase tax collection but it will also provide increased opportunities to youth for employment.
States earn a major chunk of their revenue from levies on petrol and diesel hence expecting them to allow bring these commodities under GST is a dream. At least for next 2 years the scheme will not change.
It is true that economy has been formalised by GST in a way that more and more enterprises are turning to paying their share of taxes and reporting their revenues in true and fair manner.
The rate structure is vague and it has to be rationalised so that more everyday goods and services attract less levies. The 28% slab has to go since it inflates the costs too much.
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