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GST In India - Ghost of Single Tax

Why  I am calling GST as Ghost of Single Tax while we all know GST full form is 'Goods and Services Tax' because 2 years completed of GST rolled out. The GST was launched at midnight on 1st July 2017. The government said it is a great reform in the tax system in India after 1991. But there is no positive effect on Business ease and no growth on Central Government Revenue. The economy of the country is now running in crisis just because of GST and regular changes in the economic policy of the government. The government had targeted growth in 2% GDP within 2years.  The GST is performing and scaring as a Ghost in the market among businessmen as well as small shopkeepers. Ghost of Single Tax The government brought tax reform as One Nation, One Tax in the country, and targeted growth in 2% GDP within 2years but no growth in GDP. Last two years overall annual GST collection of government per month is 90 to 95 thousand crores. The central government had targeted 1.5 lacs ...
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GST- Galti Se Tax (गलती से टैक्स)


GST stands for Goods and Service Tax but day to day amendment stands for 'Galti Se Tax'. The government of India in a requisite stand in front of public and companies. The government urges companies to share benefits due to reduced GST ...... GST amendment to be continued ...

No doubt it is good for the nation. One nation One tax system is helpful in the growing economy of Inda. India is the world's fastest-growing economy among developing countries.
Goods and Service Tax


GST rates reduce to tempt voters and GSTN flaws a reason for trouble in returns submission in front of Businessmen that's why GST collection of October month fell down by 10 %. October month GST collection is ₹ 83,344 crore. Meanwhile, CBEC directed his office to take measures to check fall in revenue collection.

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Finance ministry presents last year October month revenue collection around ₹ 92,000 crore, falls in revenue is due to rate cuts in many products & services, an exemption in E-way bill, electronic transit permit system and postponed in return matching. Except these, we have collected food revenue in earlier 3 months from IGST but IGST credit after selling of product these are the main reason in October month revenue collection downfall. Current year in July month GST launched in across the country. Central sales tax, service tax, and VAT such kinds of Central and States tax dismissed after launching GST.

Once again before Gujrat election government done reamendment in GST, in consequences revenue collection again falls.

GST rates and rules continuously change in 2019 (MODI 2.0 government) till now 300 plus changes took place, still uncertainty on GST rates and rules.

Last two years are enough for any policy application and its consequences. The government tax target was 1.5 lakh crore per month but it's coming 90 -95K crore every month.
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  1. Unknown6:59 PM

    Good

    ReplyDelete
  2. BRIJESH JAYASWAL3:59 PM

    Nice presentation of your views on GST. Very clear and understandable tone of your article.

    ReplyDelete
    Replies
    1. Saurabh Verma11:49 PM

      Thanks, Brijesh
      It just a contemporary writing

      Delete

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