GST is Transformative but Needs Simplification

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  • GST implemented from 01-07-2017, is going to be a transformative and bring reforms in the Indian Economy.
  • As soon as it was implemented, it became a headache for the small businessmen and small traders.
  • Government has been postponing filing of various returns due to one or the other reason.
  • There need to be some changes in the structure of “One Nation One Tax” Policy, which was once opposed by BJP, while UPA government was trying to implement it during their tenure.
  • Government has introduced this GST – “One Nation One Tax” clubbing different types of state and central taxes to bring end to the complexities of the indirect taxes of different states and the centre.
  • GST has five different slabs ranging from 0 to 28 percent on different items and additional cess on other various products.
  • Finance Minister and the Finance Secretary has mentioned during various inter-active platforms that there should be lesser slabs and lesser complexities.
  • There have also been negative feelings in certain quarters of the industrialists, businessmen and traders with regard to GST complications, which the government needs to address.
  • GST implementation has slowed down the rate of growth of the country resulting in the drop of GDP of the country.
  • Structural changes brought by the government in the form of GST have always short term effect on slowing down the GDP of a nation.
  • Large Industry, MSME and Infrastructural Development Ministers of Karnataka Mr. R V Deshpande, in a meeting was of this view that GST can boast the economic growth in the medium to long run.
  • It is the government to act in bringing changes to the benefit of the small businessmen and small traders.
  • If the government thinks to lower down the rates in GST and bring down the number of stabs, the same may turn to be the game changer for the economy of the country.

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