India’s GDP growth rate has slowed down to 5.4% in the last quarter, which is sluggish compared to the same period last year when it was 8.1%. However, the focus should not be solely on Goods and Services Tax (GST) as a cause for this decline.
There are multiple reasons behind this slowdown, but none of them can be attributed to GST. The contours of the proposed “GST 2.0” version are unknown, and there is a lack of clarity in the Election Manifesto of the party concerned regarding this issue.
The real focus should be on ensuring that the government uses the revenue collected from GST for its intended purpose and delivers civic services that citizens deserve. Until then, the debate around GST 2.0 will remain inconclusive.
As a country, we need to look beyond GST as a scapegoat for our economic woes. It’s time to address the underlying issues and work towards creating a more sustainable economic growth path.
Source: https://www.linkedin.com/posts/cnbc-tv18_gst-back-in-the-news-why-parties-should-activity-7284505925615341569-2T6c