India
The impact of GST on India
In a bid to streamline India’s complex tax structure and create a unified market, the Goods and Services Tax (GST) was introduced on July 1, 2017. Today, as we mark the sixth anniversary of this landmark tax reform, it is imperative to evaluate the impact of GST on India’s economy and society.
The GST implementation aimed to bring about transparency, simplify tax compliance, and eliminate cascading taxes, ultimately boosting economic growth. Let’s delve into the key areas influenced by GST:
Economic Growth:
The introduction of GST has helped in consolidating multiple indirect taxes into one, eliminating tax barriers between states and creating a common national market. This has facilitated ease of doing business, reduced logistics costs, and improved supply chain efficiency. Consequently, India’s GDP growth rate has witnessed a positive trajectory, bolstered by increased tax compliance and reduced tax evasion.
Tax Revenue:
GST has brought about a significant improvement in tax collections. With a wider tax base and increased compliance, the government has experienced a substantial rise in tax revenues. This has enabled the government to undertake various developmental initiatives, such as infrastructure projects, social welfare programs, and investments in healthcare and education.
Formalization of the Economy:
GST has played a crucial role in formalizing the previously informal sector of the economy. With GST’s implementation, businesses are required to maintain proper records, file returns, and comply with tax regulations. This shift towards formalization has increased transparency, facilitated credit availability, and reduced the prevalence of black money.
Tax Compliance:
GST has introduced a technology-driven tax regime with the implementation of the Goods and Services Tax Network (GSTN). The online platform has simplified the process of tax registration, filing returns, and claiming input tax credits. Although initial challenges were faced during the transition, the GSTN has steadily improved, making tax compliance easier for businesses.
Consumer Impact:
The impact of GST on consumers has been mixed. While some sectors have witnessed reduced tax burdens, others have experienced an increase in prices due to the standardization of tax rates. However, over time, the introduction of anti-profiteering measures and revisions to tax slabs have addressed some concerns and aimed to protect consumer interests.
Challenges and Reforms:
Despite the overall positive impact, the GST regime has faced challenges such as tax evasion, frequent revisions in tax rates, and compliance issues. To address these challenges, the government has continuously worked towards streamlining the tax structure, simplifying procedures, and improving the GSTN platform. Reforms such as the introduction of the e-invoicing system and quarterly filing for small taxpayers have aimed to ease compliance burdens.
As India celebrates the sixth anniversary of GST, it is crucial to recognize the progress made in transforming the tax landscape. The GST regime has significantly contributed to the growth of the Indian economy, increased tax compliance, and formalized the previously informal sector. However, continuous efforts are necessary to address challenges, simplify procedures further, and ensure a more inclusive and equitable tax structure that benefits all stakeholders.
Overall, GST has been a vital step in India’s journey towards economic reform, with its long-term impact continuing to shape the nation’s growth and development.
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A significant controversy ensued following Congress leader Supriya Shrinate’s controversial social media post about actor-turned-politician Kangana Ranaut.
The Bharatiya Janata Party (BJP) has criticized Maharashtra Opposition and Congress leader Vijay Wadettiwar for claiming actor Kangana Ranaut’s post on Twitter about her beef preferences and the BJP’s decision to grant her a Lok Sabha election ticket.
Shaina NC, a BJP leader in Maharashtra, criticised Congress leader Vijay Wadettiwar’s comments and other ludicrous remarks made by Congress leaders. She stated that Wadettiwar’s actions, including granting Kangana Ranaut a ticket due to her beef consumption, are not the first time Congress has made such ludicrous remarks.
Shaina criticizes Congress social media in-charge Supriya Shrinate’s post against Ranaut, claiming that Shrinate’s comments and Randeep Surjewala’s discussion about Hema Malini’s attributes are anti-women, despite her age.
Shaina pledged that all women would participate in the voting process, and the results on June 4 would provide a “fitting answer to Congress.”
The Prime Minister of India has ensured respect for women in various political parties, including Triple Talaq and Nari Shakti Vandan. If the Congress party lacks thought processes, the answer will be on June 4 when Indian women vote against the anti-woman Congress party.
Supriya Shrinate’s post that sparked controversy
Congress leader Supriya Shrinate’s controversial social media post about actor-turned-politician Kangana Ranaut, who received a BJP ticket from the Mandi constituency in Himachal Pradesh for the upcoming Lok Sabha election, sparked a massive controversy.
Kangana, in response to Shrinate’s post, emphasized that every woman deserves respect and dignity. She shared her 20-year career as an artist, which includes portraying various women, from naive girls in Queen to seductive spy in Dhaakad, goddesses in Manikarnika, demons in Chandramukhi, prostitutes in Rajjo, and revolutionary leaders in Thalaivii.
The Congress leader later revealed that someone with access to her social media accounts had posted objectionable content.
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The Congress’s manifesto promised legal guarantees to MSP, a national minimum wage of ₹400 per day, and a nationwide caste census.
Prime Minister Narendra Modi criticized the Congress for its Lok Sabha election manifesto, claiming it was influenced by the Muslim League.
Modi criticized Congress’s manifesto, which he said reflected the same mindset as the Muslim League’s during the freedom movement, at a public meeting in Uttar Pradesh’s Saharanpur, where voters will vote in the first phase of Lok Sabha elections on April 19.
The Congress manifesto is largely influenced by the Muslim League, with any remaining parts being dominated by leftists.
The Prime Minister of India, Shri Narendra Modi, stated that the BJP government is committed to implementing government schemes that cater to all sections, castes, and communities.
Modi’s attack comes after the Congress released its general election manifesto, emphasizing the ‘five pillars of justice’, including ‘Yuva Nyay’, ‘Naari Nyay’, ‘Kisaan Nyay’, ‘Shramik Nyay’, and ‘Hissedari Nyay’.
The Congress has pledged legal guarantees for the minimum support price, a national minimum wage of ₹400 per day, personal law reform, and a nationwide caste census.
Congress has announced that the MSP payable to farmer-sellers at procurement centers and APMCs will be directly credited to the farmer’s bank account digitally.
The grand old party announced that Congress will create and execute a robust import-export policy for agricultural commodities, prioritizing the protection of farmers’ interests and concerns.
The Lok Sabha elections will commence on April 19, with subsequent phases scheduled for April 26, May 7, 13, 20, 25, and June 1, with the vote counting scheduled for June 4.
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Fernandes, a former navy captain from Kargil war, believes his candidacy represents the voice of every Goan and intends to bring it to Parliament.
The Congress party has announced its list of six candidates for both North and South Goa parliamentary seats in the upcoming Lok Sabha polls, announced by AICC general secretary K C Venugopal.
Congress has selected former Union minister Ramakant Khalap for the North Goa seat and former Navyman Viriato Fernandes for the South Goa seat.
Fernandes, a former navy captain from Kargil war, believes his candidacy represents the voice of every Goan and intends to bring it to Parliament.
Fernandes stated that the ticket is for all Goans and activists who have been protesting against the injustices of the BJP government, including issues like unemployment, inflation, industrialization of Goa’s coast through coal handling projects, and railway double tracking.
The ruling party is threatening democracy by controlling independent institutions and using them to harass opposition figures, including former Jharkhand and Delhi chief ministers Hemant Soren and Arvind Kejriwal, in an unprecedented attack on democracy.
Fernandes, who previously lost to BJP’s Mauvin Godinho in the 2022 Goa legislative assembly polls, will face Pallavi Dempo, the first woman MP candidate named by the BJP, in the upcoming election.
Khalap represented the north Goa seat from 1996 to 1998, winning it for the Maharashtrawadi Gomantak Party.
Khalap, a seven-time MLA, is set to challenge BJP MP Shripad Naik for the North Goa seat, aiming to retain it for a sixth consecutive term.
The party has announced candidates for three seats in Madhya Pradesh and one for the Union Territory of Dadra and Nagar Haveli.
Goa’s Lok Sabha seats will be voted for during the third phase of voting on May 7, with the counting of votes scheduled for June 4.
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