Prarthana Srivastava
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Impact of GST on the Indian Economy GST is the Goods and Service Tax , introduced in India on 1st July 2017 by the Central Government. It is an indirect tax which replaces multiple other taxes, functioning in the economy.
GST was first introduced in France in the year 1954. Currently 140 countries have been implementing GST.
After fourteen months of complications by GST,there were many questions in people's mind one of which was that has GST affected our Indian Economy in a positive or in a negative way , not our economy but our day to day lives.
The motive of GSTwas "ONE NATION ONE TAX", however there are different tax slabs manipulating in the same field or sector. This is one of the weaknesses of GST.
The percentage of unorganised sector is much more than that of organised sector in India. Therefore GST in not the benefit for those who are ingulged in unorganised sector.
Coming to the motive of GST, According to the Indian Government the price of commodities should have been reduced, however the prices hiked in every sector.
The complications faced by people in business sector such GST return etc. If the INDIAN GOVERNMENT remove these defects of GST or improve these conditions , we would be able to make "GABBAR SINGH TAX"TO "GOODS AND SERVICE TAX".
If the conditions remain the same, I fear that this reform would result just as that of Muhammad-Bin-Tugluq's reforms(Sultan of Delhi,India between 1325-1351) and cycle of History will repeat and we would be able to experience the modern day, Muhammad- Bin-Tugluq- The man with great ideas but poor execution.
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