The Goods and Services Tax which came into picture on 01st July 2017 has recently completed its one year. The said law was launched on the midnight of 30th June 2018 by Honourable Prime Minister Narendra Modi and then President Mr. Pranab Mukherjee. Now it’s a no more a new born baby where extra care is required for handling, instead has started it’s new journey in the category of toddlers. After one year of its completion, the Government has marked 01st July 2018 as “The GST day”.
As per our Honourable Prime Minister,”it is boosting formalization, enhancing productivity, furthering ease of doing business, benefitting small and medium enterprises”. However total contrast comments received from the Opposition by Mr. Randeep S Surjewala who said that “GST completes one year at 12 O’clock tonight, it remains ‘G ‘Grossly Scary Tax’ for millions of traders, shopkeepers and businessmen. No wonder GST’s more popular description is ‘Gabbar Singh Tax’ than ‘Genuine and Simple Tax’ that it was meant to be.”
However the media reports and tax analysts have given an entirely different picture regarding the effectiveness of the tax. They have considered the implementation of GST as a mixed blessing for all concerned sections of society be it’s a business class or an end consumer.
The fear of inflation has not increased however the hopes of a better economy in line with uniformity of taxes is still sustaining among masses. The PPT shows the impact of GST implementation and some of issues which are still pending to be addressed by the Government.