The much awaited Goods and Services Tax system, purported to be a huge relief for the nation from the earlier multiple tax system (i.e., excise, VAT and service tax), is now in effect from the date already set for it, that was, July 1, 2017.
The slogan raised by the government is ‘One Nation, One Tax’, although the opposition parties criticize the GST to be just a brand name change, with the same complexity involved as it was in earlier tax system. But the Government says that the ‘in effect’ GST system will ease the burden on common man, as it simplifies and integrates instead of the previous complex and multi-tax system.
But as the new system is going to cover many small and big business, many in the nation are confused about it. We at Surya try to help our readers to get an idea about what GST is all about, how it works and how is it going to affect our economic, commercial and revenue structure along with some discussion on the impact of GST on the end consumer of products and services and how did we fare the system in our state of Telangana. To get an insight of the system, we interviewed Mr. Principal Secretary of Commercial taxes, Telangana state, Mr. Somesh Kumar, IAS. The much doubted sectors are farming, textile and granite industry which is said be going to get effected by GST system. These topics too were discussed during the interview.
We request our users to view the interview and share comments and feedback.