Goods and Service Tax – Modi’s government most ambitious project in his three year old tenure – has been responsible for a lot of troubled minds off-late. To be implemented from July 1 the general public is still in two minds as to how life will be after the implementation, barring the businessmen and traders which have attended various seminars and events to get a hang of it. There are more positives than negatives in implementation of GST. Apart from the changes in the taxes for various goods, there are a lot of things to be happy about as far as GST in concerned.
Corruption will decrease as there will be a set tax number for every product, so consumers need rejoice. Farmers need to join this rejoicing bandwagon too, as agriculture – which is the most unregulated sector in the nation – will become more transparent and hence more profitable for the country’s food providers. For the GenX, this new tax regime will also provide more jobs in tax and technology segment. Apart from this, the lovers of imported products also have a reason to smile with taxes on imported goods will also reduce after the implication of GST. There are many more points which we will come across after the implementation.
Agreed, we all are skeptical to adapt to something new, but change is not always negative.
To know more about GST, click here.
