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GST: Great step towards Transformation

GST: Great step towards Transformation

‘Consumer is the king’. GST (Goods and Services Tax), a hot topic for discussion in the country of a billion people these days, was first introduced in the year 1999 by the former Indian Prime Minister Atal Bihari Vajpayee and his panel which came into existence from the midnight of 30th of June,2017, replacing different kind of  taxes and duties and eliminating multiplicity of taxes  levied at Central and State level, stating as, ”One Tax, One Nation, One Market.” “It is a great step towards transformation, great step towards transparency”. 

After a lot of discussion and protest by different political parties, the Amendment Bill was passed on August, 2016, ratified by 18 states and the President Pranab Mukherjee gave his approval to it. Different level of GST rates were introduced varying between 0%, 5%, 12%, 18% and 28%. Different rates are applied on different commodities and services depending upon their nature and consumption.  Businessmen started protesting with the flyers and banners in their hands right after the GST bill came into existence, few went on strikes.

The effect can be witnessed as the prices of daily products and the luxury items had been fluctuating, some products have become costlier while some have become cheaper as compared to before. People are still living in confusion, dealing with their legal documentation. It was assumed that GST will lead to the inflationary rise, effecting the economy, and the people, especially the middle, lower middle and poor class. The affects of One Tax in the Nation are still to be witnessed.

 In India, more than half of a billion population is below the age of 25, and there are approx 36000 educational institutes  which means a lot of people can get effected if the GST will have it effects on education. As the future of the county depends on the youth, the effects of GST on education will definitely effect not only their lives but also the future of the country. The primary to secondary education has been given exemption, which means there will be no increase in their fees and the faculty staff, events, cleaning staff, transportation etc. will also be getting exemption. But if we talk about professional program, there will be an enhancement in their fees due to GST, from the institution to the parents, burden will be carried on to everyone.  And in today’s scenario, there’s a rat race for the jobs and without professional qualification it’s not easy to get a job. So the effect is yet to be witnessed on the education, students’ life and on the jobs.

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