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GST Drama

The Skepticism in the minds of Business Community

The BJP government, and its allies, are set to launch the new GST scheme midnight today. Some opposition parties have extended their supported, more out of convenience than conviction, to the scheme.

Other Opposition parties, led by the Congress, are going to boycott, again, as a policy rather than out of conviction.

The business community is divided. Mostly the smaller ones are still not convinced of the merits of the scheme, either to the government or to themselves.

Their doubt is not only about the tax under which their product or services will come in the 5 tier tax structure but also about the elaborate declaration they would be required to make monthly and periodically.

The government, in its enthusiasm to make a water tight system to increase its revenue, has made a number of mandatory periodic filing of returns compulsory. Will this make the small traders run after their auditors rather run after their business.

Further, an inflexible penalty and quick redressal system can prove counter productive.

However, the citizens of the country are waiting to see the launch and prove to be a winner, this time.

Mr Modi and other members of his team can celebrate, really, their 4th year in office.
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