FLAIR TALK - September 2016

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Tax is one word which brings happiness in the mind of rulers and distress in the minds of taxpayers. Never has been the tax regime to the satisfaction of majority and thus India, a country of second highest population, has tax payers in a single digit percentage. The ‘GST’ word (short for Goods and Service Tax) haunted the BJP Government since it came to power because of the fact that it was purportedly one of the biggest game changing poll promise. While the law, originally proposed by the ruling Congress-led coalition and at that time opposed by BJP, had faced several oppositions throughout this day’s BJP-led Government, somehow finally came to be passed in the month of 70th Independence of this great nation. The implementation of this new regime will still need ratification of the majority of the States, which the Government at the Centre is confident of gaining, but big questions have arisen in the minds of everyone since the law was passed by both Lok Sabha and Rajya Sabha. The social media and the internet are full of supporters and critics putting forward their interpretation and creating more confusion. Will the prices rise? Will GST be good or bad or won’t make a difference? Will it be beneficial to the industry or citizens or both? Will it end the dominance of unaccounted sales? These and more questions are sought to be discussed in the cover story by Harpreet Bedi.