On 1st July 2017 India saw one of the biggest reforms in its economic structure as implementation of the GST. Now India is celebrating the first anniversary of implementation of GST in Indian economy. Introduction of GST in the Indian economy was initially protested by some powerful leaders of the opposition group and it was assumed that the benefits of GST over time would slap the voices raised against it. But nothing seems to be in favor of this assumptions. The leaders of the opposition group are still not impressed by the idea of GST. Opposition demanded to include all items under a single tax slab rather than five different tax slabs. This demand was put down by the PM Narendra Modi and he said that they cannot put everything under a single tax slab as this would make even the stuffs required for basic needs expensive.
PM Narendra Modi, on the occasion of anniversary of GST, disclosed some shocking facts which compels everyone to admire GST. He revealed that after Indian independence around seventy lakh tax payers were registered. Now within one year from the implementation of GST forty-eight lakh new tax payers were registered and 11 crore returns were filed. But these figures were not enough to turn down the voices against it. P Chidambaram from congress considered GST as a flawed system that has become a bad word for businesspersons, traders, exporters and citizens. Some political leaders from opposition who earlier gave new definition to the full form of GST such as “Gabbar Singh Tax” or “Grossly Scary Tax” insists on keeping the same definition and meaning of it.
Whatever the conspiracy be, GST has brought a big change in Indian economy. Experts are of the opinion that the five tax slabs can be reduced in number in near future to make this reform more effective and people friendly. The benefits of GST will no doubt will take few years to be realized, it will boost Indian economy and bring it to a new upgraded level.