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GST has not only increased the indirect tax base but also revealed the hidden face of Indian economy. GST has opened many folds after analyzing the facts and put shocking data in front of India.
According to critics, GST is badly implemented tax as it is fighting against constant changes in rates and returns. But is it a truth or reality is different or just a self-flagellation from some groups?
According to a poll result, the majority of economists favoured that the GST impact will not be seen before the next year and a lesser number said it might be visible soon.
The decline in the revenue collection as State GST (SGST) in Karnataka has spoilt chief minister Siddaramaiah’s plan to present a massive Rs 2.10 lakh crore budget for FY 2018-19, which was scheduled to be announced on 9th February.
Ex- RBI Governor, Y. Venugopal (YV) Reddy said that it is impossible for the economist to estimate the growth of GDP in short- term and the country would require two more years to recover the economic conditions after the two major shocks – implementation of GST and demonetization.
Starting from the implementation of GST, it has been a round of discussion for the political parties to solve out any discrepancies arising out of compliance obligations of GST.
Rural states those have low per-capita income such as Madhya Pradesh, Odisha, Bihar, Uttar Pradesh, Rajasthan, and West Bengal have contributed a lot in regards to the sales of automobiles post GST.
Demonetization and GST implementation are the two greater moves taken by the government which has a positive impact on the environment.
According to Moody’s Investor Service, Foreign Direct Investment, GST and simplified bankruptcy code are some of the reform measures implemented in India.
