India: Under the Umbrella of GST
Soon GST will be ushered-in and if implemented properly, it is going to become the epitome of socio-economic development by countering the biggest concerns of growing economic disparity among states. It will pioneer an effective system that will improve compliance mechanism in India, which at present is rigorous and complex. GST is India’s biggest-ever tax reform that will monitor all organized and unorganized segments equally, help streamline present tax-system, curb tax-evasion.
Because of simpler taxes, the ‘One-India One-Tax’ formula will invite more foreign companies to invest and set-up commercial establishments in India, thereby, leading to more job creation and additional revenue generation in the country. The council has prepared the draft and has proposed a dual-monitoring structure within GST, comprising the Centre and the states. So, even if one set of tax authorities fails to detect evasion, then another authority may not.
Under the umbrella of GST regime, every transaction will be reported electronically on the common web-portal of the government (GST Network). And for all digitized expenditures, we will have a taxation system far more efficient, extremely difficult for the evaders to run away without paying taxes. Even IMF has quoted that GST “adoption is poised to help raise India’s medium-term GDP growth to above 8%”. It is prudent of the policy-makers to defer the rollout date of GST to July, with the intentions of contriving a cognizant bill rather than an early-rolled-out premature bill.
Since digitization is our future, in this month’s Investors India we are including a complete story on digital revolution in India for our esteemed readers. If you are a parent, then you need not worry anymore about the amount you need to fund your child’s education, read our special edition on how you can create an investment portfolio for your child’s future needs. A woman plays different roles. And in order to celebrate women’s financial success we have good investment ideas for her make to make wise financial decisions. Apart from being a professional she is a mother too, a role model for her children. Lifestyle Planning, this month, is cherishing all the mothers so, go ahead and read this segment dedicated exclusively to develop child’s moral values at every step of life.
GST: Freedom from Archaic Laws
Recently, we accomplished the silver jubilee of our economic liberalization. Year 1991 was the year reforms, a year of inception, when we unbridled our economy of restraint.
With GST Bill we are on our way to re-write the fate of prevailing archaic laws. The GST will perhaps be the single most important reform stimulus since 1991-92. If the bill is passed, 2016 will witness transformation in the Indian Economy.
It will help create a unified market, which would enable seamless movement of goods across states and simultaneously boost production. And therefore, put India’s fiscal system on the cutting edge of the world market economies. 2016 will witness transformation in the Indian Economy.
The world is undergoing turbulences, one after another, but India, however, appears to be much better placed. The dependence on domestic markets is the core reason of being safer but reforms in financial sector by the government and large forex reserves provides additional cushion against any internal and external market volatility.
This month, Investors India presents our readers with International Mutual Funds, a way to diversify a part of your portfolio, globally. The Cover Story of the month will reveal the methods you should follow to achieve complete financial freedom by effortlessly meeting your financial goals. Furthermore, you can also make your health better with tips on healthy liver in our section: Lifestyle Planning.
Wishing You Prosperity!
