Living the first day with Goods and Service Tax, which claims to unite the economy of the Asia’s second largest economy, will knit India under the sheet of single tax format. GST is a reality after its launch on July 1, 2017 midnight, so let’s learn to live with it.
Today will be marked as a landmark in the history of tax reforms of India and there is no denying to the fact that GST roll out has happened in the midst of brickbats and bouquets with winds of skepticism and doubt blowing all around. Starting from mainstream home-buyers who are still wondering whether GST will cost him higher or lower, to the developers who are sweating over profit margins and even the huge industry mavens are fearing the initial hiccups, so why is still the GST regime welcomed?
It is simple – high claims, high expectation. Despite initial heartburn, everyone is expecting that GST will augur well in long-term and a significant improvement in buyers’ perceptions. Theory also narrates that GST Law will single-handedly solve many of the challenges faced by the real estate of the country, push the sluggish sector out of its long slumber and lead to greater transparency. All these candies, if the GST works out like how it is planned.
Now on, there will be no VAT, no service tax, no excise duty, no custom duty – just the GST. Furthermore, PM Modi dubbed it as not just Goods and Service Tax – GST, but also ‘Good and Simple Tax’ – GST which will help poor people in ‘long-terms’. What until then? They don’t have spare stakes of money to carry on with their daily lives while waiting for the goodness of GST to kick in. Accepting the facts, President Pranab Mukherjee broke the euphoria of GST while spilling out some precautions. He said, “GST is a disruptive change, no doubt. When a change of the magnitude is undertaken, however positive it may be, there are bound to be some teething troubles and difficulties in the initial stage.”. So, we will have to learn to live with GST.