|| SHANIWAR SAMWAD || 28-05-2022

 Two critical decisions came recently, one by the honorable Supreme Court and the other by the government for enhancing growth.

The government took some bold decisions to tame inflation and enhance economic activity like reducing duty on petro products like petrol and diesel. Some state governments had also reduced the state VAT on the same to take off the pressure on common citizens.

The government had imposed a ban on the export of wheat with riders giving only those orders to be completed which had been taken before the ban.

The ban on the export of iron ore and other steel products which are the raw materials for specialty steel products for other countries.

Other decisions like reducing import duty on plastic raw materials are required for major manufacturers of many products.

The decision will impact inflation in the coming week.

The direction required for the future expansion of economic growth is the same as that which is currently applicable.

The other decision by the court is that the state can change the law required for indirect taxes. Recently going through the notion, we heard that a review of GST is to be done.

The law is governed by the GST council with equal representation of state and center, with a permanent secretariat.

Now, it will complete 5 years of its existence, which is not sufficient time for its review We are not a taxed compliant country, broking the law or bending it with our own wisdom is our best practice which we follow.

Just now, we are taking the law seriously and making a habit of paying taxes on time with all other compliances.

With time we will see more tax compliances with a reduction in slab and other compliances.

The government reduced taxes on petro products due to higher realization in monthly GST revenue.

Also, direct taxes were reduced due to the above-said reason which gave much-needed confidence to the government. The increased compliance is not only giving a confidence boost to the government but the general public as more and more welfare works are coming with a definite outcome.

Instead of taking view so hurriedly on GST, we have to see the result of a short span of its implementation and future prospect.





Location: India

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