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Wednesday, August 3, 2016

Welcome passing of GST Bill by Rajya Sabha: Government should prepare public for sudden jerks in prices of commodities


MADHU AGRAWAL
(Guinness Record Holder for letters in Newspapers)

India has become 166th country of the world for probability of having a systematic fiscal regime with ‘Goods & Service Tax’ (GST) Bill getting passed by Rajya Sabha also, with every chance to get it passed by at least fifteen state-assemblies for GST becoming a dream-cum-true. It is a mere coincidence that India has also fixed GST rate same as in Pakistan at 18-percent which had got it implemented long back. GST will induce much-desired uniform rates of commodities throughout the country, and also will reduce corruption, multiple taxation, cost on tax-collection by centre and states etc.

But implementation of GST will induce heavy jerks (rise and fall) in prices of various commodities for which central government should make public mentally prepared. While luxury goods like cars, electronic items etc will become cheaper, prices of commodities of day-to-day use like packaged food, readymade garments etc will rise abnormally. Central government will also have to take steps to prevent unbilled sale of jewellery which will have highest tax-rise to 18-percent from present nominal one-percent excise-duty and likewise sales tax. Central government should start publicity about probable percentage of price-difference for various commodities after implementation of GST so that members of public may plan their purchases accordingly before or after implementation of GST.

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