Categories: GST (Goods and Services Tax)

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 Some argue that the current GST rules and notifications are also outdated and do not reflect a most recent improvements.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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Tags: Central GST and state GSTOne Nation – One Tax – One Market goal
7 years ago
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