Advocate Anandaday Misshra
Recently, Prime Minister of India, Mr Modi, during his trip to Singapore aired that GST is about to roll out in 2016 in India.
This was a big statement, amidst various speculations and political changes in the country. The timing of the meeting between existing PM and previous PM Mr Manmohan Singh alongwith Mrs Sonia Gandhi, President of Congress Party in India is also seen as a new and big diplomatic attempt to make GST a reality .
It is pertinent to note that winter session of Parliament has started and this session will play a crucial factor for deciding whether GST will become a truth or still a dream away for 2016 in India or otherwise.
With GST, a slight drop in prices of goods is being speculated. Since, it will curtail tax burden on the consumer, reduce transit time and result more efficiency into the system.
There are various implications and expectations out of implementation of GST in India especially when it is going to result a growth of 2% in GDP in India.
GST is also considered to be path breaking factor for business in India. It is wrothwhile to mention that the direct beneficiary of GST would be manufacturers and logistic companies, including warehouse facilitators.
Needless to mention that even if at all GST can become a reality in 2016, then too the possible and reasonable time will be around August, 2016 onwards rather than 1st April 2016.
(Advocate Anand Mishra, AMLEGALS– The author is a leading indirect tax advocate handling cases in CESTAT & High Courts of India. He can be contacted on anand@amlegals.com and for more please refer www.amlegals.com)
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GST is the only tool which can reduce corruption and will help the businessmen to grow big way as today’s tax system develops the dirty practices of not giving tax which gives birth to corruption by dealing officers.
GST will increase govt revenue in big way.
The manufacturers will play healthy competition not otherway of without tax or with tax.e.g.a product with price of rs.30 per kg is taxed by centre govt by 12.50% excise becomes rs.3.75,vat of state govt 13% becomes rs.3.90,total tax becomes rs.7.65.one businessman who sells without bill to the buyer charges rs.30 on the other hand the businessman who chrarge rs.7.65 extra as tax demands for rs.37.65 now buyer demands without bill and the corrupt system starts.
so every person must support GST which can give relief to every businessman from corrupt tax system and GST can increase lot of govt revenue.