- Date : 08/08/2016
- Read: 4 mins
After a lot of back and forth, the Rajya Sabha finally passed the Goods and Services Tax (GST) bill on 3rd of August, 2016.
“Summary - After a lot of back and forth, the Rajya Sabha finally passed the Goods and Services Tax (GST) bill on 3rd of August, 2016. “
After a lot of back and forth, the Rajya Sabha finally passed the Goods and Services Tax (GST) bill on 3rd of August, 2016. Often followed by the unofficial tagline “one nation, one tax”, GST will subsume all indirect taxes such as excise duties, service tax, entertainment tax etc. Adopting Goods and Service Tax will lead to a seamless market throughout the country, and prices of commodities evening out across states. In case you aren’t well versed with the concept, here is all about GST
GST 101: What India’s biggest tax reform means for you
What started with mixed reviews…
#Buzzingstock: Logistics stocks get mixed reactions on GST passage
— moneycontrol (@moneycontrolcom) August 4, 2016
…has finally boiled down to mostly positive comments and celebratory social media posts. Whereas most of the tweets and facebook statuses are rejoicing the verdict, a few also talk about new GSTs impact on India.
India creates history today as passing of #GSTBill is a huge leap in tax reforms & to bring relief to common man & boost to Indian economy!
— Devendra Fadnavis (@Dev_Fadnavis) August 3, 2016
— Sachin Bansal (@_sachinbansal) August 3, 2016
Finally, the long due #GSTBill.
Finally, India one large market.
Finally, clarity of tax and new markets (states) open for online business.
— Vijay Shekhar (@vijayshekhar) August 3, 2016
— EconomicTimes (@EconomicTimes) August 5, 2016
Celebrities such as Sachin Tendulkar and Ayushmann Khurrana have also joined the celebrations.
— sachin tendulkar (@sachin_rt) August 3, 2016
— Ayushmann Khurrana (@ayushmannk) August 4, 2016
But not all of them seem to know exactly why they are celebrating. Amitabh Bachchan and Shah Rukh Khan, for instance, could do with all about GST or the Beginner’s Guide to the GST.
Notwithstanding my limited knowledge of Financial stuff ,the #GSTBill is an awesome advancement for our country’s potential. Congrats to us
— Shah Rukh Khan (@iamsrk) August 3, 2016
— Amitabh Bachchan (@SrBachchan) August 3, 2016
While some continue to scrutinise and discover the effects of the Goods and Service Tax on the various sectors of the economy
— ET Wealth (@ET_Wealth) August 5, 2016
— ET Opinion (@ETOpinion) July 27, 2016
the general sentiment seems to be positive. Amidst the celebration, however, people couldn’t help but play politics and pit the BJP, Congress and AAP against one another.
Can we give one third credit to BJP, a third to Cong and a third to regional parties? One India, one cake! #GSTBill
— RajdeepSardesai (@sardesairajdeep) August 3, 2016
Though it started with a lot of confusion and mixed reactions…
I'm not listening to GST cause everyone has such mixed reactions of it and I'm too scared
— Maggie (@safetypinxcalum) July 9, 2016
things have turned around.
— Meenakashi Lekhi (@M_Lekhi) August 4, 2016
— Financial Express (@FinancialXpress) August 4, 2016
Over all it looks like Goods and Service Tax is here to stay. The GST bill 2016 is still to be approved by Lok Sabha but we all know where it’s heading. To know more about GST bill 2016 read this.