The BJP government has now become habitual of shocking everyone with their out of blue decisions. Be it demonetisation, surgical attack or Ram Nath Kovind as a presidential candidate. A recent bold decision has been of the GST. GST Bill was passed on 8th August 2016 in Lok Sabha. “Goods and services tax”, an indirect tax applicable throughout India came up replacing multiple cascading taxes levied by the central and state governments.
GST has been considered to be implemented without a proper preparation and implementation. But, the experts say that it would still bring an up to the economy. The up would not be witnessed immediately but will take a bit time.
It is based on “Destination principal”. It will be applied at the place where the final or actual consumption will take place. A check over inflation has been expected through GST over a long run. A replacement for multiple taxes has increased the price of some goods, while at the same time made some goods cheaper than before.
Impact of GST Bill
Dinning out, travelling and banking and insurance became dearer under GST. Even Recharge of your phone too became expensive. The desire of travelling, online shopping and buying jewellery would also require more expenditure now.
Reliefs too were seen when movie tickets underwent a price cut. GST also made cars affordable to the people. The price of TV and Cement also were seen on a downer side. On the one hand where dinning out became expensive, processed food got a price cut.
This is not the End
A bold decision with a great number of protests against it has finally been implemented. Success or failure of the same can only be seen over a period of time. At this moment of time, it would be difficult to tell the efficiency and effectiveness of “Goods and Services Tax”. With just a few days of implementation, the opposition party has started asking for changes in it. It has to be seen as to which changes are adopted and which not. It is clear that the road of GST would be long and bumpy.