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.
By: Advocate Anand Mishra, AMLEGALS
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