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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.
The GST (Goods and Service Tax) has been termed as a great reform achievement of the GOI (Government of India) by Takehiko Nakao, the president of Asian Development Bank. But he also suggested that the upcoming tax regime in the country could also cause challenges on account of some factors such as the multiplicity of tax rates.
Well – renowned businessmen of Reliance Group Industries, Anil Ambani says that Goods and Service Tax Regime (GST) which is going to be rolled out from 1st July is not just another piece of reform or transfor but our economic freedom. New GST regime would make the country independent and democratic market in the history of mankind.
Only a few days are left for the actual implementation of Goods and Service Tax Regime (GST) and will be launching on midnight of 30th June across the country. Some analysts are indicating for caution.
In the views of Ajit Ranade, the Chief Economist of Aditya Birla Group, GST must ideally have only two slab rates instead of multiple tax rates.
Finance Minister Arun Jaitley said on Tuesday, small business industries have been provided sufficient time to get ready for the new GST Regime from 1st July.
According to the Development Bank of Singapore, the country need not to be worried from the new taxation regime as basic or essential items have been placed in zero- rated or exempted category. So, the economic impact of new Goods and Service Tax (GST) will be inflationary with little or less influence.
The government is pressurizing to all the Members of Parliament and State legislatures to start spreading knowledge & awareness of Goods and Service Tax (GST) Regime across the country. Union Finance Minister Arun Jaitley has requested to all political parties to clearly understand the concept of new indirect taxation regime and also provide help or support to people, industries, businessmen whenever it is required. In a letter, Jaitley presents his views in the front of several political parties and said that he want their cooperation for the implementation of new GST Regime in India, which is going to implement from 1st July.
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.
