gst design

It has now become mandatory that all the business people have to follow the Goods and Service Tax (GST) approved by the Parliament and the newly constituted GST Council. It is a fact that in the era of globalization, all the developing economy is preparing different means to avoid tax evasion. It is a fact that a majority of Indian businesses pay less tax than they should.  The Goods and Service Tax (GST) is primarily designed to fix this cheating. But the entry of corporates in collecting the GST at various levels is raising doubts about the revenue collection of the government. The report says that the centre and the State & UTs will collect 24.5% of GST each and the rest 51% will be managed by five private players such as HDFC, HDFC Bank, ICICI, LIC Fin Corp and NIC. More over the latest fixation of slabs will severely affect the consumer states and will hugely beneficial for the monopoly business such as Marble, leather, cotton, etc. The nation has to wait at least one fiscal year to evaluate the pros and cons of the GST implementation. Measures must be taken to protect the federal character of the nation when the GST implement in its full form.

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