GST – 2016 A Truth or Still A Dream Away ?
Recently , Prime Minister of India ,Mr Modi , during his trip to Singapore aired that GST is about to roll out in 2016 in India .
This was a big statement , amidst various speculations and political changes in the country. The timing of the meeting between existing PM and previous PM ,Mr Manmohan Singh alongwith Mrs Sonia Gandhi , President of Congress Party in India is also seen as a new and big diplomatic attempt to make GST a reality .
It is pertinent to note that winter session of Parliament has started and this session will play a crucial factor for deciding whether GST will become a truth or still a dream away for 2016 in India or otherwise .
With GST , a slight drop in prices of goods is being speculated . Since, it will curtail tax burden on the consumer, reduce transit time and result more efficiency into the system .
There are various implications and expectations out of implementation of GST in India especially when it is going to result a growth of 2% in GDP in India .
GST is also considered to be path breaking factor for business in India . It is wrothwhile to mention that the direct beneficiary of GST would be manufacturers and logistic companies, including warehouse facilitators.
Needless to mention that even if at all GST can become a reality in 2016, then too the possible and reasonable time will be around August ,2016 onwards rather than 1st April 2016 .