Will GST really helping our economy?
Goods and services tax which was launched on 1 July, 2017 by Modi government. This tax had replaced many taxes like Central tax, excise duty, service tax, additional custom duty, value added tax, octroi, entertainment tax.
The main motive to launch GST was to remove unwanted tax burden from public as well as councilors. In GST Council board there are 33 members are recruit for a work. But main question is that this tax is even beneficiary or not? Many people don't understand this phenomenon and think it is not going to proof benefited for Indian economy history. After demonitisation this was next big step by Modi government because of demonetisation this rule get more negative comments and also not get that much achievement in the first year.If short term effect are not that much appreciated but long term effect are definitely in the favour of the economy.
This Bill had replaced indirect tax and reduce the complexion of workers and improve the work. We all know that in India thousands of population opt road as a medium of transportation and they also very much aware about the fact that how much tax they have to pay before GST rule but now they don't. GST reduce the 11 road tax categories which was mostly faced by truck drivers.
It's very common thing now let's talk about the manufacturers, before GST they not even get proper profit of their products. Many tax was imposed on product from manufacturing till final sale but after the bill many things got sorted and increased the value of product and drawn down the unnecessary taxes. This Bill gives more favorable response to MAKE IN INDIA project, this Bill help the project to boost up. This is the normal data now the real stats by National Council Of Applied Economic Research claim that GST had boost India’s GDP growth by 0.9-1.7%.
In conclusion, many new initiative have many cons but the final effect and future growth prove to be benefited for the economy. So the facts and stats says that GST bill will help the economy to grow.