Effects Of Goods And Services Tax On Textile Industry Economy
Goods and services tax is described as a huge indirect tax structure designed to support and improve the economic growth of the country. So far, 134 countries have implemented GST. In 1999 Prime Minister Atal Bihari Vajpayee and his Council of Economic Advisors (IG Patel, Bimal, Jalan, C) with a joint meeting with the National Governors advisor "goods and services tax" was proposed and progress. In 2002, the Vajpayee government formed the headquarters of Vijay Kelkar to recommend tax reforms. In 2005 the Kelkar Committee advised to apply the GST as proposed by the 12th Financial Commission. The tax on goods and services was launched on 1 July 2017 at midnight by Prime Minister Pranab Mukherjee and Indian Prime Minister Narendra Modi. The launch was marked by a historic midnight (1 - 2 July) session on two houses of parliament convened in the convention center. But the implementation has a big tint and cries. It will be interesting to understand why this proposed GST system can hamper the growth and development of the country. Surat traders called for a two-week strike against the 5% GST charged on the fabric according to the Guarantee Center can look at their requirements for roll back. When the GST statement came out, thousands of textile merchants from Surat closed their stores in the past two weeks to protest against the new tax structure. The announcement to withdraw the protest was made by traders who met Arun Jaitley, the Minister of Finance, on 17 July 2011 in Delhi.