GST Is Simple And Beneficial
GST was implemented through out the nation from 1st of July. While it’s unclear for even educated people about GST whether it is beneficial or extra burden, common man is worried that how it is going to affect their life. However, Kerala Finance Minister Thomas Issac briefs about GST and also explains benefits of formulating one nation one tax system.
While inaugurating the roll-out of GST in Kerala at a state level inauguration, Isaac said, “Many doubt that prices of goods will be increased with implementation of GST. But, the fact is the price of 85 per cent of goods has come down.
For example, certain items which had an earlier rate of tax at 14.5 per cent are now placed in the 18 per cent tax rate. But this very same item had an excise duty of 14 per cent, so adding all the various taxes it would come to 28 per cent. But now with effect of GST it has come down to 18 per cent. One has to be careful as it’s all about perception and how one sees it.”
It may be mentioned here that, Issac was an economics professor before taking up politics.