Conclusion :
The coming GST is not an ideal GST. However, considering the present political situation and limitations, this is the best that could be achieved.
GST is not an eight lane super national highway as was originally envisaged. It is a typical Indian road with encroachments, potholes and diversions.
However, the road is motorable and surely better than existing situation. The GST as planned will surely be
much better than the present provisions.
IGST, concept of ‘supply’ and elimination of distinction between goods are services are the game changers. It will help in developing a national market and considerably reduce the cascading effect of taxes.
The way of doing business will drastically change on introduction of GST.
It is proj ected that GDP of India will improve by 1% to 2% by introduction of GST. In any case, distribution costs and procurement costs of every assessee will certainly be lower in GST.
Let us hope and pray that GST will be ‘Good and Sensible Tax’ and will be introduced w.e.f. 1-7-2017 as planned.