In fact, the whole process of reforming our tax structure had begun many many years ago; and whenever any government moved forward in this direction, all political parties "played politics". And today, we have politics in full action, many opposition parties are boycotting the special parliament session.
My understanding is that in the long run GST is going to do good for our economy: one, evading taxes will become more difficult; two, taxes won't be a taxing thing. There are many more advantages that GST will ring in. At the same time, any initiative is bound to have its flipside. I feel it's our call to see and leverage the positives, rather than harp on the negatives.
For a vast country like India with multiple laws governing goods and services in different states, this transition to a common tax regimen, isn't by any means going to be easy. But I am sure we will get used to this in a few months, if not earlier.
Here below is a very easy-to-understand table compiled by KPMG, which explains how GST will impact us, consumers, in terms of prices.
SOME QUICK FACTS ON GST (COMPILED BY KPMG)
No tax – 0%
Key Facts about GST
At the Central level, the following taxes are being subsumed:
At the State level, the following taxes are being subsumed:
FACTOIDS – WHAT’S UP, WHAT’S DOWN (COMPILED BY KPMG)
What’s got costlier
What’s got cheaper
What saw no change
28% GST + CESS
TELECOM & CONSUMER TECHNOLOGY
WHAT GST MEANS FOR YOU
WHO GETS TAXED WHAT?
GST: WHAT’S THE CHANGE?
The GST CLUB and ANALYSIS across countries/continents
THE GST CLUB