Ajit Kumar Roy

GST-A Revolution in India's Taxation System Ajit Kumar Roy

GST-A Revolution in India's Tax System India launches its biggest tax reform since independence in 1947, businesses and citizens across the country are steeling themselves for economic chaos. Protests and industrial strikes broke out across the country over tax rates and compliance burdens. It has been heralded by economists and will count as the most important structural economic reform of Modi's three-year-old administration. So, any trader after GST will not be able to sell products or goods without bills. Once a bill exists in the system, scope for black money reduces automatically. Creating self-policing environment." The Goods and Services Tax (GST) regime will weed out black money and usher in an efficient taxation system. The Narendra Modi government had absolute clarity from day one that it would move against the shadow economy and black money. With GST Roll-out "The new India will create one tax, one nation and one market". GST is an important achievement for the whole country as several parties comes on board to support the pan-India tax regime. Many food items have been exempted from any of the tax slabs. Fresh meat, fish, chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, all kinds of salt, jaggery and hulled cereal grains have been kept out of the taxation system. Indi, sindoor, kajal, palmyra, human hair and bangles also do not attract any tax under GST. Drawing or colouring books alongside stamps, judicial papers, printed books, newspapers also fall under this category. Other items in the exempted list include jute and handloom, Bones and horn cores, hoof meal, horn meal, bone grist, bone meal, etc. After the steps taken to reduce black money and streamline election finance, the natural follow-up is to clean one of the biggest sources of black money - land and real estate. And the natural way to do that is to bring the supply of land and real estate into the GST. A lot of misconception and misinformation prevails regarding land and real estate. All answers will be available in the book entitled "GST-A Revolution in India's Taxation System-One Nation One Tax and one Market" Chapter-1: Basic Concept about GST Chapter-2: GST Bill Passed in Rajya Sabha Chapter-3: GST to Stop Black Money Generation Chapter-4: Impact of GST on Indian Economy Chapter-5: Tax Regime under GST Chapter-6: GST Rollout A through reading of the Compiled book is expected to clarify many doubts, misconceptions, and misinformation about GST and its positive role on Indian Economy.