It was on 8 November 2016, the big day in the history of our India that the term called ‘Demonetization’ was announced by the Government of India. ‘Demonetisation’ has given a lot of surprises including today’s tweet by our Finance Minister, Mr.Arun Jaitely. Each and every citizen of India know the concept as the impact was too high. It was basically a big decision bravely made by our Government.
As today all of you can be seen using the new notes introduced at that time isn’t it?
Friends for your kind information I would like to tell that today on 4 April 2018, our Finance Minister, Mr. Arun Jaitely has shared a message to the citizens of our country. Don’t worry it is a good news. The impact of demonetization has given birth to many honest taxpayers. The data revealed it all, fortunately. The numbers are huge. 1 Crore Income Tax (IT) returns has been made by taxpayers during FY 2016 – 17.
Isn’t it really impressing?
We as an Indian shall be happy and celebrate this moment.
This concept has helped the Indian economy to a great extent. The first change was the elimination of counterfeit currency. By its help, India could almost eliminate 100% fake currency. Abolition of black money was one of the greatest successes. The Indian Banking System was strengthening as a result of huge savings enhancing the liquidity position of the banks, which could be utilized further. Higher tax collection was one of the achievements as some people of India are pretty not much good in paying taxes. It also gave rise to defamation out of which the small vendors generally dealing in cash would now start using cashless modes for transactions including digital methods.
This step has been taken in order to end corruption up to a certain level and also attract foreign investors to Indian Market. GST has done a great job. ‘One nation one tax’ system sounds so good. Yes, indeed it does. The impact of GST has been upon many people including manufacturers, distributor, retailers and also the service providers. The GST Council in its 23rd meeting on November 10, 2017, recommended many changes in the Goods and Sales Tax (GST). It has correctly decided to keep the highest 28 % tax on luxury and sinful items as a result 177 items have been shifted to the 18 % bracket. Fortunately, GST on many items has also been reduced.
The Government has categorized items in five major slabs 0 %, 5 %, 12 %, 18 % and 28 %. Everyone must have been wondering how GST will affect our everyday life. It is the right of each and every citizen of India to have a proper knowledge about it. GST appears to be a mixed bag with certain necessities getting cheaper, some also disturbing household budgets by getting more expensive. So, it is a mix of both advantage and disadvantage of the impact of GST as undoubtedly, it will have both the sides. All we can hope is to have a better economic development of India leading towards a better tomorrow.
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