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GST - A Game Changer
There is no progress without compromise,No victory without sacrifice.On that note, I, candidate X, would like to present my views in support of the agenda, GST, A game changer. I'm sure, many of you must have thought of GST as a magic thing where, as an d when the GST comes, the GDP will suddenly grow by 2%.Well, you have over simplified the issue, i dont think it is nearly as simple. I think GST is a supply side reform that's going to create a common market and increase the allocative efficiency in the economy. I think that's the key benefit. As somebody joked, the GST is India's form of signing a free trade agreement with itself.Earlier, octroi, entry tax, these were the real hassles when it came to movement of goods. So for eg. In China if a thing moved within 3 days, over here it took 7 days. Why? Because in India, at every point you would have had to pay several kind of taxes but all thanks to the GST, these things now belong to the past and suddenly the movement of goods and the efficiency has increased so dramatically, which has, as a result, reduced the cost.GST achieves various economic goals in one stroke - be it promoting the manufacturing sector, boosting exoorts, creating more job,improving the investment climate or cutting down tax evasion. By and large, it is a win- win situation for both the centre and the states.Let's come to some facts and figures, first the registered businesses had paid a total of ₹923 billion for July, which was over the target of ₹910 billion.Second, as promised the centre has released near ₹8698 crore to states as compensation for revenue loss following GST implementation. A country where a select few loot, such a nation cannot scale new heights. These select few never want the nation to grow. Those who have looted the poor will have to give back what they have looted.Post demonitisation, data mining shows that over 3 lakh registered companies indulged in suspected dealings. Govt has cancelled the registration of over 1 lakh companies, mind my words, 1 lakh companies and more than 3700 shell firms have been identified for strong action.Along with the swachh bharat abhiyan, his govt has taken the initiative to clean India's economy and it has taken strong action against those who have duped the nation. Indeed, the GST reform is still a work in progress, but so is every political process in a mega-perse system like india. When you do such a massive reform there are bound to be some issues and challenges but the govt has been responding to feedback from stakeholders and making appropriate changes as required. Pre gst, we had more tax on fewer items, With gst, there is less tax on more items.Thank you.
Pranjal Batra
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Filmfare Award 2019 Current Affairs 24 March 2019 | Quiz #236 | #A2Z Careers GK Tricks
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