Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 17-8-2017 – While there is a broad consensus that the global focus of economic growth is now tilting towards Asia, India is emerging as a developed nation backed by large and growing middle class and service sector. The Indian economy is on the cusp of performance and delivering growth at faster pace which is largely driven by economic reforms, infrastructure development, demographic dividends and consumption led demand. Given its socio economic profile, large scale investments backed by foreign investments has also helped. India is also one of the globally preferred destination of global investors. All this is now happening in India @70. @ 70, we have come a long way. India can be said to be no longer a fledgling economy which it was at independence in 1947. It is now the seventh largest, and among the most attractive markets for investors. With the world's second-largest population, it holds much promise for globa
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marathon undertaken, first by the erstwhile Empowered Committee which dealt with VAT and later by GST Council, a constitutional body set up under the constitution to deal with GST related matters. As India celebrates its 71st year of independence from British raj, the country also celebrates the independence from even older tax laws. Goods and Services Tax (GST) which turns just 45 days, has freed us from old tax laws including the one in existence even prior to country's independence, viz, Central Excise Act of 1944. It is indeed remarkable that India could migrate to GST regime to allow country men get rid of sixteen odd indirect taxes which were levied by the centre and the states but the present form of GST is neither desirable nor practical- thanks to the political system we have. The form of GST could have been better. There being a hope for its improvement, it is hoped that legislatures will have wisdom enough to refine the GST law to be one of the best in the world- we may
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nes (software and hardware). We are all independent professionals and command freedom to create a better tomorrow for self, others and country. GST is just one small segment of our lives. While GST will evolve, we will have to be a part of revolution- to adjust to the new system, to educate clients, to be able to perform and excel and to show the government the way to reiterate right Eco system for all of us. We are fortunate to be a part of this migration and should be proud to be so. We had 70 years of freedom so far, now let's have another few decades of GST, but of course, an improved one over the present form. We should also have freedom from unwanted or avoidable compliances, freedom from poorly drafted laws, freedom from confusing interpretation, freedom from corruption, freedom from inefficient tax administrators and unskilled officers. Responsibility is something which ought to be on both sides. Hope that this would happen but the moot question is when and how fast it can.
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