MYTHS & FACTS
Just days into the GST implementation, confusion reigned supreme. Consumers and businesses were bombarded with messages on social media about double taxation on payments made using credit cards. The Goods and Services Tax (GST) reform finally implemented
In the larger scheme of things, one must realize this is an incremental reform. We cannot change the entire system in one shot. And even this incremental change has many hurdles. It is a transitory process, which would take a few years to manifest completely, during which finer points can be tinkered with, to move towards the Ideal GST. Another key take-away from how GST has been handled by the Modi Government is that it overwhelmingly wants to make states an equal stakeholder in the nation building process and this is one of the many threads they have started to ensure states participate and become accountable. This must be appreciated.