Amid all the confusion, suspicions and expectations around the Goods And Services Tax bill, more popular across the economics circuits by the acronym of GST Bill; the student fraternity and the rest of the nation has had the questions over how this would affect our lives. So here we are, with all those answers before you make a fool out of yourselves on the next April Fool’s Day, because that’s when the bill takes the centre court.
Historically, the GST bill can be viewed in the series of taxation reforms which started way back in 1986 in the form of modified VAT and then in 1991. It ushered the Custom Tariff Rate hence rightly being the harbinger of an era of Liberalisation.
Speaking economically, the entry and exit of goods and services are restricted by numerous hidden and embedded taxes. So the GST will act as an umbrella system, unifying the taxes and hence shall increase the ease of doing business by lowering the tax burden. Multiple taxation and tax cascading shall be mitigated. Capital and labour mobility shall increase. This would improve the competitiveness of domestic industries in the international market.
Coming to the awaited question, how is it going to change young lives.
First and foremost, the education and healthcare sector, which currently is not taken to be a market and is exempt from taxation and hence scrutiny, could possibly come under censor. This might even ensure that a ‘luxury school’ in New Delhi does not burn more holes in your pocket than the one in Bihar per se. Similarly, CAT and similar coaching fees could be affected to herculean extents.
Now, the GST bill, at the same time, would also restrict the free play of shops at flea markets. No more would you find your great apparels at those minimal costs, since curbing the black market corruption is at the very heart of the bill. On the same lines, the variation of price between the online and the brick and mortar stores shall be drastically reduced. Amazon’s Great Diwali sale would no more be that great and neither will Flipkart’s Big Billion Day be Big anymore.
Now if you’re one of those damned souls who does not have any immediate wedding in the family, fret not, Christmas and New Year are around the corner. Our suggestion? Awaken the shopaholic in you.
For those targeting some serious brands, the currency fiasco excuse is already at your disposal to get any consent that you might need. For others, plunder those virtual stores and your favourite ones at Sarojini and elsewhere. Be it Paytm karo, or freecharge karo or whatever, bas shoppin karo.
It’s a divine conspiracy, folks!
Feature Image Credits- http://metrovaartha.com/