Karnataka: Even Chartered Accountants clueless about GST
At the same time, the common man is curious on how to plan the family budget starting next month.
Bengaluru: Typing “impact” into your search bar will automatically display “impact of GST” as the top option to click on. This pretty much sums up what has been in the minds of everyone with the implementation of GST knocking on the door.
According to Adwait Thakur, GST expert, the paradox revolving around the new taxation norm is still seen even among accountancy professionals. “The larger mass of people who are totally clueless about how to look at the latest implementation by the government include even top Chartered Accountants. A right picture of the impact can be mapped only after keeping a close eye for a month on how markets function and how life changes for the common man,” he said.
M.C. Dinesh, President, Federation of Karnataka Chambers of Commerce and Industry believed that the whole scenario of GST coming in is unnecessarily hyped. “It is high time we realise that the government will have no plans of penalizing the common man in the name of development. Taxes will be hiked only for luxury, while for necessities GST plays an angelic role,” he said.
Dinesh added that GST should be considered a move by the government to bring positive returns to all in the long run. “When all the money that comes into the economy is been accountable with more tax-payers coming into the picture, the government will have more funds to serve the people better. With an economy more stable and transparent, the change we await is totally revolutionary,” praises the industrialist. At the same time, the common man is curious on how to plan the family budget starting next month. “Balancing the budget will become a major hurdle for me from now on. With no confirmed information yet to the change in prices, the first few months from now on will be like on a see-saw. For those who land big sums, the impact will be nothing,” says Anil Devan, a vegetable vendor who adds, “The figures that come across in WhatsApp messages, newspapers, and on TV screens differ a lot from each other. GST is something that needs more clarity for aam aadmi like me.”
Mahalakshmi Parthasarathy, member of Citizen Action Forum demanded that the government should be dynamic in understanding the public sentiment. “The government should observe how the implementation would affect the daily life of the common man and be ready to tweak decisions which would favour them on a practical scale as well. Life saving drugs getting costlier in the absence of a good insurance cover for the middle-class families is something that the political wisdom of our leaders should see through. With banking transaction charges going up, the authorities should be careful not to add to the distress of citizens,” she said.
“Providing proper information and education on GST before direct implementation would have led to a congenial atmosphere minimizing confusions at a wider level,” said Ms Parthasarathy.