{"id":1222,"date":"2016-08-11T10:07:00","date_gmt":"2016-08-11T10:07:00","guid":{"rendered":"https:\/\/taxolegal.com\/gstblog\/?p=1222"},"modified":"2021-11-30T10:10:54","modified_gmt":"2021-11-30T10:10:54","slug":"is-gst-going-to-be-a-boon-or-bane-for-india","status":"publish","type":"post","link":"https:\/\/taxolegal.com\/gstblog\/index.php\/2016\/08\/11\/is-gst-going-to-be-a-boon-or-bane-for-india\/","title":{"rendered":"Is GST Going to be A Boon or Bane For India?"},"content":{"rendered":"\t\t
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Since yesterday eve, once the Lok Sabha passed the so called GST\nbill, a very pertinent question is being asked by the intellectuals of this\ncountry as to whether GST is going to be a Boon or Bane. GST is the biggest tax\nreform since our independence. Its main focus is on a single window tax\nplatform throughout the country and a common tax code for one and all,\nirrespective of your state and place of business. This is undoubtedly going to\nbecome a boon in long run. However initially it may have many teething problems\nand make look like a bane to some. There is one faction of people who are\nquestioning that are we not over-celebrating the GST bill that has been passed\nrecently? The response to the same is YES as well as NO.<\/span><\/o:p><\/span><\/p>

YES because we haven’t seen any major Tax reform since our\nindependence and GST is one such reform which is comparatively much simpler\nthan the current multi tax system. In simple words GST will subsume majority of\nthe State and Central Indirect taxes including Central Excise, Service Tax,\nAdditional Customs Duty or CVD, VAT, Sales Tax, Luxury Tax, Entry Tax, Lottery\nTax, Entertainment Tax and so on. In the long run GST will prove to be\nbeneficial. Close to 160 countries have adopted one or other form of GST. GST\nwill operate and be monitored through a Robust State of Art Information\nTechnology Network known as GSTN. This system will bring more transparency in\ntax collection and will help in plugging the loop holes and tax leakages. The\nTax evasion will be easily detected and corruption index will go down. Thus GST\nis a Boon and the Nation is rightly celebrating.<\/span><\/o:p><\/span><\/p>

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NO, as it’s just the first step and it’s a long way to go. In fact\nit’s not the GST bill as perceived by many, it’s the 122nd constitutional\nAmendment bill 2014 (now 101 of 2016) which has been passed. Apart from the\nconstitutional Amendment journey to the actual GST Bill and it’s simultaneous\nimplementation across States and Center in a synchronized manner; inter-state\ndifferences, disputes and other complexities, the path may not be easy. It is a\nroad less traveled and there may be many unforeseen hurdles during this uphill\njourney. The political differences between the various parties may arise during\nthe actual working of the GST council and the states opposing the same like\nTamil Nadu, who virtually staged a walk out from the parliament, may play a\nspoil sport. Even if one or more states resist the implementation of GST in\ntheir state, the whole process may face an inordinate delay and eventually\nfatal for GST. It may turn out to be a Bane. It is the Time which will show as\nto whether GST will be a Boon or a Bane. But at present let the Nation\nCelebrate and move ahead with a positive frame of mind but with caution.<\/span><\/o:p><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Since yesterday eve, once the Lok Sabha passed the so called GST bill, a very pertinent question is being asked by the intellectuals of this country as to 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yesterday eve, once the Lok Sabha passed the so called GST bill, a very pertinent question is being asked by the intellectuals of this country as to 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