GST : A NEW TAX REGIME

GST is not a new concept. Around 140 countries have already implemented it. France was the first one to enroll in 1954. Other major European nations came under its ambit in the 1980s when India wasn’t even liberalized. It was a late entrant into the Asian economies, with Malaysia starting deliberations about 26 years ago and eventually passing it in 2015. But as the inflation went up and customers lost confidence in the new tax regime, anti-GST protests started happening in capital Kuala Lumpur. A similar scenario took place in Singapore when in 1994, a spike in inflation led to opposition from activist groups. But as of today, in the latter’s case, inflation has eased and GST is the second largest source of government revenue. In the former’s case, business has grown manifold since last 12 months of GST implementation.

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