‘Yeh GST, GST, Kya hain…?’ Many wonder what the fuss is all about
New Delhi, July 1:"What's GST?" On Friday, everyone was found quizzing the next person about the full form of GST. It's ok if you are caught on the wrong foot while expanding India's current favourite acronym of the Goods and Services Tax, which rolled out on Friday midnight at a grand event in the Central Hall of Parliament.
It's not just aam aadmi on the streets who are struggling to answer the full form of GST, even Uttar Pradesh Minister Ramapati Shastri too failed to spell out the full form.
"The full form of GST is...," fumbled social welfare, scheduled castes and tribal affairs minister Ramapati Shastri as he struggled to get the correct answer just hours before the roll-out of the GST on Thursday.
On Friday, hours ahead of the beginning of the new tax regime, many television channels conducted their own 'experiment' by quizzing people on the streets about the full form of GST. Unfortunately, many failed to answer the question correctly.
As per experts, the GST will simplify a web of taxes, regulations and border levies by subsuming an array of central and state levies including excise duty, service tax and VAT. It is expected to gradually re-shape India's business landscape, making the world's fastest-growing major economy an easier place to do business.
The GST has been dubbed as the most significant economic reform since BJP government came to power in 2014 and is expected to add as much as 2 percentage points to the GDP growth rate besides raising government revenues by widening the tax net.
A four-rate structure that exempts or imposes a low rate of tax of 5 per cent on essential items and top rate of 28 per cent on cars and consumer durables has been finalised. The other slabs of tax are 12 and 18 per cent.