How GST has begun shaping the Indian Economy
It hasn’t been long since the Government of India introduced the economic revolution, GST (Goods and Services Tax) on July 1, 2017. For those who do not quite understand the concept yet, Let me put it simply for you here. The basic idea behind the system is to replace all the indirect taxes that the people pay on various levels of economic distribution, with one constant combined tax reform, which is now known to all as GST.
Which means that, the next time that you go out to have a pizza, you will not have to pay for a list of different taxes like the VAT or the Service Tax, or The “Mascot took a selfie with you Tax”. You will just have to pay for the GST, for which, the government has already decided the system and the exact percentage amount.
It obviously has been more than 2 months since the GST was introduced in the country, so we all are familiar with seeing it on our bills. But what does such a reform bring to our lives? And how does it affect us?
As the current scenario exhibits, there are various ups and downs that can be seen in the economy as the taxes now vary in 4 slabs for different kinds of products. But by sanctioning the “tax-free” domain for the basic commodities, the government has made it a clear possibility that inflation can finally be easily controlled. It is bringing consistency!
Number of tax payers have also increased over the time because of the benefits that individuals can extract from various schemes that the new GST reform has to offer, and it looks revolutionizing to me, for it could add to the GDP growth like no other time in the nation.
The prices for the branded T-shirts have increased, but the butter milk needed for daily nutrition is cheaper than ever. From the shoes you wear to a button on your shirt, everything is affected by GST. The public is still critical about it, mostly because they do not yet understand it that well.
GST can prove to be a trump card for the government’s objective for a digital and scrutinized nation, and it seems to be building up too soon and efficiently.
There are different expectations from GST by different subjects in the country. It is still too soon to plan a verdict on what GST could bring to us and to what level could it shape the economy of the nation. After all, from the currency to the Union Budget, everything is changing. The best that we can do is to stay firm with our objectives and to try to take these economic reforms to best of our wills and benefits.