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GST - a game-changer

Wednesday, July 12, 2017

The historic mid-night mega launch of GST will prove to be a game-changer for Indian economy. After the New Economic Policy of 1991 which led to globalization of Indian economy, GST is a golden chapter in the post-independence economic history of the country. With the passage of GST, Indian economy has reached the stage of discernible vibrancy. With GST, India is bound to hog headlines across the globe once again. It is notable that GST has host of tangible and intangible benefits. It simplifies the cobweb of as many as 17 indirect taxes and replaces them by just one tax besides removing the cascading effect of taxes. It results in unification of diverse and fragmented domestic markets enhancing the ease of doing business in India. Further, it ensures rationalization of tax structure and greater transparency in the economy. There is no denying that global investors would now make beeline for parking their funds in India.  With widening of tax-base and increase in investments GDP rate is likely to get into double digits very soon. But, to be a game-changer, GST must be free from hiccups in implementation. Government must closely monitor its implementation to see how it impacts production, distribution, consumption and inflation.

— Prof Keshav H Karkera, Mumbai

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