First day of GST roll out

 

GST rollout live updates: How people are waking up to ‘One Nation, One Tax’

  • The landmark Goods and Services Tax, one of the sweeping taxation reforms since Independence, was rolled out at midnight on Saturday in a special midnight session in the central Hall of Parliament. Prime Minister Narendra Modi said GST will be “not only a tax reform but an economic and social reform as well” that will unify the nation, “check corruption and end harassment at hands of officers”.
  • GST will now pave the way for achieving One Nation – One Tax – One Market goal. Apart from ensuring better compliance, the reform measure will replace a bunch of central and state levies with two taxes – Central GST and state GST. The Prime Minister said the new tax reform will not create problems for the common people. He said its implementation will help in cutting down corruption and eliminating black money from the economy.
  • “This system is going to be most relevant for the poor,” PM Modi said.

 

Lacking Behind GST Update

  • One issue with the GST portal is that the GST common portal does not keep up with new revisions. Some argue that the current GST rules and notifications are also outdated and do not reflect a most recent improvements.
  • GST implementation under the current protected system has all of the elements to lead in “one country, multiple taxation.”
  • As it currently, the postponement in GST implementation is a blessing in disguise, and while it is hoped that the Center will revisit the existing GST system to seen throughout, this looks to be magical thinking at the time.
  • If we are effective at achieving a consistent GST under the current sacred system, GST will serve as a foundation for agreeable federalism.
  • However History bears evidence to the opposite, with states willing to sacrifice their own interests for the benefit of another state.

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Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

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