Since majority of your readers are middle class thanks for highlighting their concerns !
Brief comment - GST has not only been major Tax Reform but significant achievement for the Economy ! There are stages for its rapid evolution ! Tax which helped the Economy to revive post Covid and enhance Government revenue had to go through the structure adopted since 01.07.2017 . It is to be normal that unlike other tax levies it didn’t have to wait for changes to occur at the end of the year. Thanks to its salient features of GST Council where in decisions were mostly through consensus- mini Parliament at work !
There are all indications of further responses in the near future !
It is about bargaining power as a voting block. The middle class have different affiliations, as per religion, caste, perceived benefits and region; whenever the middle class unites for economic benefits, the political parties and governments will view them as a factor for getting elected; similar to minorities, farmers and backward classes. Till then the urban middle class is a divided lot, with no clout for forcing benefits. Perhaps the budget will streamline some areas of taxation.
Thank you for your thoughts. Agree with you how they are more divided than united. But, I believe the inclement economic circumstances may united them. Let us see that the Budget brings.
Well written Anil !
Since majority of your readers are middle class thanks for highlighting their concerns !
Brief comment - GST has not only been major Tax Reform but significant achievement for the Economy ! There are stages for its rapid evolution ! Tax which helped the Economy to revive post Covid and enhance Government revenue had to go through the structure adopted since 01.07.2017 . It is to be normal that unlike other tax levies it didn’t have to wait for changes to occur at the end of the year. Thanks to its salient features of GST Council where in decisions were mostly through consensus- mini Parliament at work !
There are all indications of further responses in the near future !
Best regards
Dear Balesh,
Thank you for your comments and kind words of appreciation.
You are spot on--bulk of my readers are middle class and will empathise with the challenge.
Agree with you about how transformative GST was. But very concerned that it lost its way and is posing a challenge to ease of doing business.
However, feel hopeful given that you believe a course correction is imminent.
Fingers crossed.
Best
Anil
It is about bargaining power as a voting block. The middle class have different affiliations, as per religion, caste, perceived benefits and region; whenever the middle class unites for economic benefits, the political parties and governments will view them as a factor for getting elected; similar to minorities, farmers and backward classes. Till then the urban middle class is a divided lot, with no clout for forcing benefits. Perhaps the budget will streamline some areas of taxation.
Dear Gautam,
Thank you for your thoughts. Agree with you how they are more divided than united. But, I believe the inclement economic circumstances may united them. Let us see that the Budget brings.
Best
Anil