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Let’s witness the change.


We all know that only a chai wala can clean bad throats with his masala wali chai. It is our honour and privilege to witness a man who himself is making that chai for thousand of throats which were yelling badly since so many years.

This generation is blessed to see the way Indian Economy is transforming. From eradicating of black money to corruption, introduction of GST to Banking Transaction Tax it is all happening in this golden era. Like a transformation  which took place in 1991 when we opened up our economy, this time we are opening our minds to bring the behavioral change.

Earlier when Income Disclosure Scheme was announced, our H’ble PM warned that one should declare his black money himself or he will force them to do so. At that juncture we thought at the most, income tax department would start conducting extensive search and surveys which we all know how to handle. What we never thought was that he would play such a master stroke of demonetization. Although each one of us is facing the problems due to demonetization, but let me tell you majority of the Indian citizens are happy with this decision.

As a professional we feel that this is one part of the story, climax is yet to come. It is highly probable that he may discontinue Rs. 2000 and Rs. 500 notes one year down the line, which will make India cash-less economy and free of corruption in real sense. Our experience also says that Modi might also play another cover drive by replacing the Income Tax Act with Banking Transaction Tax. Although it is not easy, but nothing remains tough for a Prime Minister with this courage and force.

Another change which we are witnessing is the biggest indirect tax reform. With GST coming in, issues like multiplicity of taxes; tax terrorism etc will go away. Tax revenue for the government is set to increase with GST. Apart from tax revenue GST will send a welcome message to the countries worldwide for doing business here. GST will certainly bring ease of doing business if the anomalies of the law are sorted out. Apart from tax element, GST is likely to make our country unified and make us United States of India.

The next big change we are witnessing is the image our country is forming across the world. Even the elected president of US, Donald Trump had to play India Card to win elections. What more to expect, when we travel abroad they recognize us as citizens of Modi’s Country. The brand “India” which he has promoted is exemplary.

There have been major changes in the Foreign Trade Policy as well. This had encouraged the Foreign Investors to invest in India. Gone are days when the investors feared of Investing in India, just because it was difficult to withdraw that money later. This has completely changed, the business can move out easily if they don’t wish remain in India anymore.  

Let’s become the part of transforming India and help our Prime Minister fulfill his dream. As he says that he does not worry about the future, let us also adopt the same and see how we can help our country become one of the best nations across the world. We all are privileged enough to be part of the transformation which we can recite to our future generations.

by:
Keshav R Garg
(B.Com, FCA, CS, ISA (ICAI))
Faculty for GST: Indirect Tax Committee of ICAI
Author: Bharat's GST Ready Reckoner
            A Handbook on GST
Adviser for GST: Industries Association of Chandigarh 
Member: Indirect Tax Committee of CII, PHDCCI, MyGst.MyTax Foundation
Address: 3328, Sector 27 D, Chandigarh, India - 160 019
Phones: +91-172-461-3328, +91-98880-90008

Mails: mygst.mytax@gmail.com, keshavgarg@kdai.in   

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