Come monsoon, India will hitch on the most significant ride of economic reforms ever; ever since its first demonetization drive in 1946 (and `78) to curb the hawalas and tax thuggery.
GST has been in the limbo for a good two decade that saw a global recession and much travail and tragedy across the globe throughout the timeline. Throughout this he only thing that has grown in leaps and bounds is the aspirations of the people and the ever failing hope they cling on to.
You`ve been probably wondering what this is all about to begin with. May be you might have read a blog or two or some blabbering commentary over the idiot box analyzing, predicting and prophesying what is at best vague and at the mercy of the bulls and bears and the predicament of the market in various sector.
Customer is always the king they say. But they ain’t treated like one. The same goes for the service and products providers as well. The plethora of taxes that a single bill has to deal with cries out for a singular solution to unify it all. GST might just be the cure.
It brings every single levy to a single pod and eliminates the various types of taxes that a consumer and the provider had to deal with.
It’s a welcome call. Although the concern is with service providers who will see a hike in the percentile of cumulative tax they’ll be paying for the services. But there may be some sort of amendments in the near future.
The entire market including the layman is on the Wait & Watch mode. It better yield results like in those of American and Malaysian markets from where the best practices have been lifted and integrated in the Indian GST schematics.
If you want to know the why and how and what of the GST and consultation on the same – drop us a line or get in touch with us.