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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.
A blazing event in the historically important Central Hall of Parliament will be filled up with all those big names in politics and power today midnight on the eve of launching the India’s biggest tax reform i.e. Goods and services tax with a bell to sound a great initiative for a prosperous economy.
The government has tried all sorts of implementation and improvement strategies with the goods and services tax and now the government along with the finance ministry installed a mini War-room within the premises of finance ministry department.
As expected Goods and Services Tax (GST) Act, 2017 has changed the Indian tax system fundamentally and is the biggest tax reform since Independence.
Almost everyone is saying that GST will help India to grow by 9 percent if seen through statistical viewpoint. The goods and services tax is scheduled to be rolled in less than a month and the NITI Aayog CEO Amitabh Kant is betting upon it with a positive note.
On the contrary side of Union finance minister who has backed upon the preparedness of Goods and services tax with reasons and fundamental sources, the BJP leader Subramanian Swamy has tweeted against the implementation of GST on its pre-scheduled date.
The union finance minister in its latest talks cleared the air regarding the implementation schedule of upcoming goods and services tax in India. In an interview, the minister said that the GST is a very simplified tax scheme and there is no reason to postpone it further than the pre-decided date of 1st July 2017.
It seems that there are no end to the disputes related to the ambitious goods and services tax, the Bengal finance minister has came up with the statement that there can not be implementation of goods and services tax from the July 1st and it will be under scanner as it contains various factors which prove fatal for the lower economy of the nation.
Goods and services tax will be developing some tough situations for the business units to survive with the hectic compliance issues. As it is speculated that small and weak credit profile companies will be having more difficult issues.
