There’s a Lot of Hope Riding on Independent India’s Single Biggest Tax Reform. It Will Have to Overcome Many Obstacles to Hit Top Gear
Midnight sessions of India’s Parliament are reserved to ring in events of great significance, beginning with India’s independence on August 15, 1947, and Prime Minister Jawaharlal Nehru’s ‘tryst with destiny’ speech. Since then, Parliament has commemorated midnight sessions for only two other events—the golden jubilees of the Quit India movement in 1992 and of India’s independence in 1997. For the NDA to choose a special midnight session to roll out its landmark Goods & Services Tax (GST) signifies the enormous symbolism bestowed on this biggest of tax reforms. GST will free India of its archaic, multi-layered tax structure with a regime that will create a single market across the country. It will unify all the states with a single tax rate and reduce the interface with tax inspectors, setting the stage for a ‘new normal’, as Union finance minister Arun Jaitley puts it. In anticipation of the new normal are anxious traders and businessmen, who are grappling with the fine print of the new tax, the prospect of an anti-profiteering agency and an electronic system that will now rate taxpayers on how promptly they upload their invoices, pay taxes and file returns.
This story is from the July 10, 2017 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 10, 2017 edition of India Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
WEAVE A STORY
Saree plays muse and material in this modern iteration
SIMPLE LIVING
Spatial planning meets spirituality, and up-cyling meets unconventional design practices, in this Gurgaon home
HARMONY IN DESIGN
Using principles of vaastu coupled with a creative interplay of open and closed spaces, this home in Vadodara is a welcome sight
THE NEW ECO CHIC
This home in Kerala is designed on the principles of climate responsive architecture
Crafting a New Look
A look at five festive artistic finds from Jaipur to brighten your celebrations
NAMES TO KNOW
From homes and offices to banquets and hotels, these architects and designers' approach to design is paving the way for some exciting spaces
CHIC AND COSY
Let your indoor winter wonderland revel in bold bedding, quilted beauties and charming cushions
STEP INTO STYLE
This winter, international collaborations are lending the Indian carpet industry a unique look underfoot
DECK THE HALLS
With this festive array of accessories, cushions and X'mas-themed decoratives
HOME FOR THE HOLIDAYS
Looking for Christmas inspiration? Here are plenty of ideas to steal and products to make it come to life.