{"id":36398,"date":"2018-11-02T12:45:39","date_gmt":"2018-11-02T07:15:39","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=36398"},"modified":"2018-11-02T12:45:39","modified_gmt":"2018-11-02T07:15:39","slug":"at-stroke-of-midnight-india-gets-a-good-and-simple-tax","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/at-stroke-of-midnight-india-gets-a-good-and-simple-tax\/","title":{"rendered":"At stroke of midnight, India gets a \u2018good and simple tax\u2019"},"content":{"rendered":"<p>At stroke of midnight, India gets a \u2018good and simple tax\u2019<\/p>\n<hr \/>\n<p>Context:<\/p>\n<ul>\n<li>India&#8217;s biggest tax reform since Independence, rolled out on 1st July, 2017.<\/li>\n<li>The new good and simple GST (Good and Service Tax) ushers in a ray of hope for the economic pillars of the country.<\/li>\n<\/ul>\n<p>Significance:<\/p>\n<ul>\n<li>To serve the purpose of national integration, GST today will help integrate India\u2019s economy.<\/li>\n<li>The introduction of GST is not only a tax or economic reform but also a social reform that will nudge people on the path to honesty and benefit the poor the most.<\/li>\n<li>The practice of giving out informal bills would come to an end as the GST presented an opportunity to stop black money and corruption.<\/li>\n<li>The new GST will open up\u00a0 chance for the common mass to do honest business.<\/li>\n<li>The initiative would end the spectre of tax terrorism and Inspector Raj that India\u2019s businesses have had to endure for long.<\/li>\n<\/ul>\n<p>Conclusion:<\/p>\n<ul>\n<li>Initially, even though a number of shortcomings may emerge but it is similar to the introduction of the VAT (value-added tax) regime which met resistance initially.<\/li>\n<li>The GST Council, Centre and States should continuously improve and refine the GST in the same spirit that the country has seen till now.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>At stroke of midnight, India gets a \u2018good and simple tax\u2019 Context: India&#8217;s biggest tax reform since Independence, rolled out on 1st July, 2017. The new good and simple GST (Good and Service Tax) ushers in a ray of hope for the economic pillars of the country. Significance: To serve the purpose of national integration,&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/at-stroke-of-midnight-india-gets-a-good-and-simple-tax\/\">Continue reading <span class=\"screen-reader-text\">At stroke of midnight, India gets a \u2018good and simple tax\u2019<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-36398","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/36398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=36398"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/36398\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=36398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=36398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=36398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}