New Delhi : Government is set to launch the biggest tax reform at midnight by PM Narender Modi at the parliament historic Central Hall,in the preseencee of President Pranab Mukherjee. This will be the fouth event at the Central Hall since Independence . The last three celebrated India’s Independence and Congress is boycotting the launch of GST because of this reason.Several other parties are also opposing the launch.
What Is GST ?
It is an indirect tax throughout India to replace taxes levied by the central and state governments . In the present system the tax is imposed at each stage separately by the Union government and the States at varying rates, on the full value of the goods. But under the GST system, tax will be imposed only on the value added at each stage. It is a single tax which will be collected at multiple points. Thus, the final consumer will bear only the GST charged by the last dealer in the supply chain with set-off benefits at all the previous stages.
The Impact of GST to the daily used products will increase the price of the products,restaurant bill gonna increase , movie tickets price will be increased . But if the state governments take certain actions to maintain the prices will be good. Like for example Dal, the price of it may reach to the maximum after GST but if the state government tries provides a subsidy on it we can still get if for lower prices.
What will likely get cheaper are items such as clothes, as cascading taxes at various stages of manufacturing would no longer apply to them.
Finance Minister Arun Jaitley has asked the Congress and Left parties not miss the launch of GST and has pleaded them not to boycott the launch of GST tonight.
The launch of GST event is scheduled at 11 pm tonight at the parliamnet Central Hall. The event will start with the national anthem followed by remarks by Finance Minister Arun Jaitley, a film presentation on GST will be screened followed by an address by Prime Minister and President,after which GST will be launched.
Time only can tell us how GST will be affected on the citizens of India.