Do You know?
In the world of innovation and invention at its highest peak, India has witnessed one of the most revolutionizing tax reforms ever seen before. This tax reformation had taken place in 2016 under the pretext of demonetizing the economy for the benefit of the common man. Thus, the Goods & Services Tax or GST was brought about in the Indian economic sphere. With the introduction of this tax reform, the government of India claimed to improve the lifestyle of all citizens by a marginal difference. However, when we consider all aspects of the ground reality, the story plays a different theme. The demerits of GST have been more prevalent for the middle class and small-time manufactures whose livelihood has almost come to a standstill. Moreover, by providing a concise way of taxation, the government had initiated a simplistic approach which couldn’t be implanted as efficiently. To understand this further, we must accept that the implementation of GST has led to increased taxation on daily consumption of goods and services, which has then led to lowering down the living standards of the people. Furthermore, we must further explore the scope of this taxation system which could provide a positive impact if the planning and execution is done efficiently. The ideology behind the tax reform is to provide a more precise and organized way of filling for tax which should simplify the process. Thus, we should be hopeful for the future to bring in new measures for this revolutionary tax to bring about a booming economy of our nation.