A week after the GST has been rolled out, youngsters speak on ‘One Tax One Nation’
The hot topic being discussed in the country for the last few weeks is without doubt the Goods and Services Tax (GST). Reducing the list of more than 500 taxes into a single one, GST is believed to completely change the scenario of our taxation system and unify the whole country into a single market.
The Prime Minister of our country termed it as “Good and Simple Tax”, but there are many who have been voicing their concerns about this economic reform.
As we are finally in the GST era since the first of this month, we decided to catch up with the student population and find out what their views and expectations from GST are.
I think the GST is going to bring in phenomenal benefits and growth to the Indian economy but more to the food manufacturing and consumer goods (FMCG) industry. Some companies have either slashed their prices or increased the total units (say in grams) and are happily sharing this new tax benefit with their consumers. I think it’s a very good reform serving our economic interests.
Karan B Sonawane
BBA student, Indira College of Commerce and Science
My initial take on GST is that it’s a good system for the unification of the Indian market. Since it has just been implemented, products are bound to cost higher. The benefits that the businesses receive may not be passed on to the customers. This might see some more spending from the students on education and daily needs. But we hope that things will get settled at the earliest as such a big reform usually takes time to be accepted and integrated by the nation.
BMM student, Tilak Maharashtra Vidyapeeth
The GST implementation will disrupt the supply chain but when we look at it in the long run, the added reform will be beneficial to the economy. Looking at it from a students’ point of view, 15 per cent service tax is going up to 18 per cent which will increase the amount to be spent on studies, professional courses and other than that, it may also increase the price of books and other things related to it. This is going to be an added burden on parents who are economically backward. However, we will have to wait to know whether it can have significant benefits too.
Psychology graduate, Fergusson College
As a student of hotel management, I think GST is affecting me in a good way in my daily life. While studying in college and doing internships in several hotels, I realised that GST is good for businesses including the hotel industry. It is affecting little badly now but it is essential for education and overall development. There are lots of thoughts crowding my mind when I think about the negative points of GST, but I guess they are easier to handle and the advantages of GST far outweigh its disadvantages.
Gaurao Anil Yampalwar
Hotel Management Student, Dr DY Patil College
According to me, GST has been issued for the betterment of the Indian economy. To what, who and how it affects, is still a little confusing. Only when some time has passed, can we truly get to understand how the market and economy is benefiting. As I am in the service sector, as a freelance photographer, there is not much that will change for my business. But as an end-customer, I, or rather we, surely are in a good situation.