Will GST take ten years to settle down?
Will GST take ten years to settle down?
Indians have been facing many problems since the implementation of GST. In such a scenario, how right is it for the chairperson of Prime Minister’s Economic Advisory Council to state that GST would take 10 years to settle down? Whether the reason that India is the first country to implement perfect federal GST sufficient enough to galvanize ailing Indians?
Do you drive? Can you remember how long it took you to learn driving?
If I remember rightly, I learned handling the steering wheel in 3-4 days. And that exercise of simultaneously leaving the clutch, and pressing accelerator was the toughest part of learning.
You may have found reversing the car harsh, but it was somehow OK for me.I think it took me close to 15 or 20 days to learn driving. People call it a learning curve. And then when my skills improved, driving became fun.
I don’t know about you; it took me quite a while to adjust to GST implementation. I must admit that filing GSTR 1 for the first month was, in fact, a herculean task. And now things are smoothening out, as it happened after 20 days of learning driving.
You may agree, learning or settling takes time, but once things get settled (or once learning curve finishes), it becomes a habit. The only thing that I keep reminding myself while adjusting is that the new system should be the better one then the one it is replacing.
The above is the only reason; I didn’t baffle after hearing Mr. Bibek Debroy’s statement on Monday. He said that implementation of GST would take more than ten years to settle down.
He said, “GST is a process, and if we expect that the entire process will settle down in anything less than ten years, then we are being unrealistic.”
Mr. Bibek Debroy is chairman of Prime Minister’s Economic Advisory Council.
If you interpret two word’s, process and settle, of Mr. Debroy’s statement, then you may rightly think what he exactly means.
I think, by settle, he meant that we Indians could reap the full benefits of GST after ten years only. And by the process, he indicated that we would have intermittent benefits.
All said, don’t you think that by cumulating all the taxes into one tax, then by connecting all the events (technically called as supply) and then by collecting regular returns (GSTR) from taxable persons, the government of India is trying to plug all the tax leaking points?
Perhaps, these three contributed to the most prominent lacuna in the previous tax regime.
