With less than 48 hours to go for the roll-out of the goods and services tax (GST), minister of state for civil aviation Jayant Sinha on Wednesday allayed fears of any disruption, likening the launch to a big wedding party.
“Just like in Indian weddings we will have a great big party and everyone will live happily ever after...I call GST gantantra ka suvidha tantra (the Republic’s instrument of simplicity),” Sinha said.
The reform, which intends to knit India together into a single tax area for the first time, goes live on 1 July—in fact, at the stroke of midnight.
MSME’s have been putting some extra efforts to get GST Ready. The existing system allows them to maintain big, dusty ledgers and receipts, and all the paraphernalia of 19th-century accounting. The GST, on the other hand, is entirely online. SME’s across the country are spending hard-earned money on computer hardware they’re not certain about, and struggling to learn how to use buggy tax software for the first time.
Similarities between GST implementation and wedding has been beautifully captured by Mr Sudhakar Kasture, Director, EXIM Institute
GST implementation is ONLINE. Expectations from marriage are also ONLINE. You get some breathing period but nobody excuses for long.
GST is an ECO SYSTEM, so is marriage. Everybody becomes “in-law” instantly, like father-in-law, mother-in-law, brother-in-law, sister-in-law etc. etc. ‘Law’ surrounds you wherever you go except for Honeymoon. And honeymoon is always for short duration worldwide (GST or No GST).
GST requires periodic returns, so is marriage. Returns are to be reconciled in a time bound manner, otherwise there are penalties – no reconciliation is possible beyond a certain time limit – so be aware. Periodic returns are also online. So your experience of Facebook, LinkedIn etc. would be extremely useful. Only be aware of cyber security.
GST says one country – one tax – but there are many rates – many components of tax like CGST/SGST/IGST etc, so is marriage – “one family” with many components. GST is going to stay, so is marriage – expected to stay. We believe marriages are made in heaven and expect them to last not only in this life but 7 more lives. Input tax credit is however limited to this life only.
GST will bring tax compliance and prosperity – so is marriage, we hope it will bring happiness and prosperity. When it comes to GST it is ‘belief’ and when it comes to marriage it is ‘hope’. ‘Belief’ and ‘Hope’ both are interesting words. They are wonderful but subject to realisation.
Blog: GST and Marriage by Mr Sudhakar Kasture
Digital Wallet with free Virtual card and UPI which can be used to send/receive money, mobile/DTH recharge, pay bills and much moreRead More