GST & COMMON MAN
The much awaited Goods and Services Tax system, purported to be a huge relief for the nation from the earlier multiple tax system (i.e., excise, VAT and service tax), is now in effect from the date already set for it, that is, July 1, 2017. The slogan raised by the government is ‘One Nation, One Tax’, although the opposition parties criticize the GST to be just a brand name change, with the same complexity involved as it was in earlier tax system. But the Government says that the ‘in effect’ GST system will ease the burden on common man, as it simplifies and integrates instead of the previous complex and multi-tax system. Critics of the tax system from the economic & financial analysts’ circles say that the GST system in its due course will result in inflation, crumbling the business and service sectors of the country. The reason they cite is that many of the common, essential product’s and service’s tax rates have been increased and the rates of luxury i...
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