GST In India - Ghost of Single Tax

Why  I am calling GST as Ghost of Single Tax while we all know GST full form is 'Goods and Services Tax' because 2 years completed of GST rolled out. The GST was launched at midnight on 1st July 2017. The government said it is a great reform in the tax system in India after 1991. But there is no positive effect on Business ease and no growth on Central Government Revenue. The economy of the country is now running in crisis just because of GST and regular changes in the economic policy of the government. The government had targeted growth in 2% GDP within 2years.  The GST is performing and scaring as a Ghost in the market among businessmen as well as small shopkeepers.

Ghost of Single Tax

The government brought tax reform as One Nation, One Tax in the country, and targeted growth in 2% GDP within 2years but no growth in GDP. Last two years overall annual GST collection of government per month is 90 to 95 thousand crores. The central government had targeted 1.5 lacs crore tax per month. The Revenue collection is not up to the mark as decided by the government. There are many loop poles in GST registration, revenue collection and also in the refund of taxpayers.

CAG reports there are many reasons that's why an increase in tax theft, No ease of doing business, No growth in revenue. Reference link is given below. Almost 60 % of GST registered candidate files their tax returns but some of them not file tax returns due to the typical process of GST filling and its compliance. Such as no tax payment by debit card means lack of digital payment and very poor implementation of policy that causes many changes in GST rates and rules...after rolled out GST government comes under presser of SME's gives tax relief to SME's, taxes reduce on cigarettes and tobacco, In real estate tax reduces after a long conversation to the government now when 2 years are completed of GST. Petrol and diesel are still out of GST. Till now the Central government made 300 plus changes in GST rules but no positive consequences are comes out.

The Ghost of Single Tax as well as Tax Terrorism policy of the central government has made many dents on our economic growth.

GST Monthly Collection
GST Monthly Collection 



Comments

  1. The newly released GST return offline tool allows taxpayers to prepare their GST return filings without an internet connection, at their own pace. The new tool has inbuilt options for accurate data entry and business validations to minimize errors.

    ReplyDelete
  2. Thanks for best comment with a helpful tool for Businessmen

    ReplyDelete

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