Poonam Hotwani (Ex-Employee)

After the rolling out of GST Regime in India, some of the industries benefited with the new regime whereas some are in trouble. The manufacturing sector is one of the most important sectors in the country, retailers and dealers are facing problems to purchase goods. Initially, they are focusing to clear their available or old stock.

After the spending, three days of Goods and Services (GST) Regime in India Cabinet Secretary PK Sinha on Monday conducted a review meeting to evaluate the stock after the implementation of new indirect taxation regime. The Cabinet Secretary has asked from all ministers and departments to give their views about the new regime.

After the implementation of Goods and Services Tax Regime about 22- states have terminated to pay border commercial tax at check posts embarking a big step towards which “one nation, one tax, one market”.

Newly launched Goods and Services Tax (GST) Regime is one of the hottest topics for conversations in social media. Within two days of launch, Twitter received nearly 1 million conversations which indicates the sentiments of people towards the nation and the biggest tax reform.

The new Goods and Services Tax (GST) regime finally came into existence from 1st July. Several years ago, the phrase “tryst with destiny” was spoken by the first Prime Minister, Jawaharlal Nehru in 1947.

Traders of electronic items in Old Delhi opened their shop’s after the four days of the strike (bandh) and finally the new Goods and Service Tax (GST) Regime came into existence on 1st July. However, traders looked depress towards new change.

According to a report by broking firm Bank of America Merrill Lynch BofA-ML, says that, India is set to enter into biggest tax reform today midnight, people who are running small and medium enterprises (SME) still have no idea how the Goods and Service Tax (GST) regime impact their business or product prices.

While addressing speech in the launch event President Pranab Mukherjee said that, GST is a disruptive change, initially the country will have to face some teething troubles that will solve promptly, so that the economic growth of the country will not get affected.

The government has issued notification for the implementation of Central Goods and Service Tax (CGST) regime from 1st July and clarified that the new indirect taxation regime is absolutely correct.