Advertisement
Sunday, Oct 17, 2021
Outlook.com

The Taxmen Strike At 12

Ahead of the GST launch, businesses scramble to get their tax math right. How will life change from July 1?

The Taxmen Strike At 12
Photograph by Sanjoy Ghosh/Outlook Archives
The Taxmen Strike At 12
outlookindia.com
2017-07-01T10:53:25+05:30

India’s biggest tax reform since Independence—the Goods­ and Services Tax or GST—is all set to become reality with a midnight inauguration on June 30, not at a marketplace, but inside Parliament’s hallowed Central Hall. On the ground however there’s a sense of chaos. The GST promises to tie the country into a single market for manufactured goods and services by doing away with multiple local and state levies. Countless small traders among almost eight million businesses must get on smoothly to an entirely new taxation system.

The GST has taken a long time coming. From being first proposed by the BJP-led Atal Bihari Vajpayee government to the first serious appeal for a national consensus on the issue in the 2006 budget speech by the then finance minister P. Chidambaram, the GST has seen two missed windows, one in 2010 and then in April this year.  

The change is mind-boggling. Once up and running, the GSTN or GST Network will be a mighty tax system and the largest commercial, real-time taxation software globally. Currently,...

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Two Vendors From UP, Bihar Shot Dead By Militants In J&K

Two Vendors From UP, Bihar Shot Dead By Militants In J&K

Police claim 13 terrorists have been killed in Jammu and Kashmir in nine encounters over the last nine days.

In Ongoing Poonch Encounter, Bodies Of Two Missing Soldiers Recovered, Toll Rises To Nine

In Ongoing Poonch Encounter, Bodies Of Two Missing Soldiers Recovered, Toll Rises To Nine

According to the Army, the bodies of a jawan and the JCO were recovered during the search operation on October 16.

SAFF 2021: Chhetri Equals Messi Feat As India Thrash Nepal To Win 8th Title

SAFF 2021: Chhetri Equals Messi Feat As India Thrash Nepal To Win 8th Title

India crushed Nepal 3-0 to win their 8th SAFF title, thanks to goals from Sunil Chhetri, Suresh Wangjam and Sahal Abdul Samad.

Kerala: Six Dead, 12 Missing As Heavy Rains Cause Flash Floods And Landslides

Kerala: Six Dead, 12 Missing As Heavy Rains Cause Flash Floods And Landslides

Several people have been injured and displaced. Dams in many districts are nearing full capacity. Small towns and villages in the hilly areas are totally cut off.

Advertisement