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I am of the opinion that GST is going to be a disaster for India. There are two aspects of GST, first aspect is simplification of taxation and second aspect is objective of creation of single market across India. The first aspect is welcome but the second aspect is detrimental for socio-economic fabric of India. creation of common market is a totally wrong objective. By creating a single market, government has ensured that backward areas remain backward and industrialization takes place when and only when some outside Industrialist decides to invest in the area. A country like India needs to create an environment, culture, systems, and arrangements to help develop local enterprises meeting needs of local population. By creating single seamless market a new enterprise in backward area will have to compete with established business enterprise from developed area even in its home market; and it is foregone conclusion that new enterprises will not be able to stand such competition. If India reduces its import duties to the level of GST, it is an accepted fact that most of the Industries in India will collapse as they shall not be able to stand the competition from foreign manufacturers, in spite of the fact that Indian industry shall have one more protection in the form of floating exchange rates. In the exactly similar manner, industries in developed India are going to decimate industries and industrialization possibilities in rest of India, as due to common currency the backward areas do not have a protection in the form of floating exchange rate. I foresee, large scale migration and social unrest due to worsening economic situation as a result of GST. -- ----------------------------------------------------------------------------------------------------------------------------------------------------------------- With Best Regards, Milind Kotwal

16/01/2018 13:49:58

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