It is a simple idea from him that can actually work in favor of both the government and the people. Mr. Gupta said that GST will simplify the complex indirect taxation system which will definitely facilitate easier trade and business for people from various sectors. This simplification in the indirect taxation system will also reduce the cost of production and will also increase efficiency of production. These two factors snowball into lower rates in the market that will certainly roll in the consumer’s favor. With reduced rates, the inflation will go down and the floatation in the exchange of monetary elements will increase.
Mr. Deepak Gupta feels that the parties sitting in the parliament must sort out or simply keep aside all differences and must speed up the implementation of the bill with no further disputes or changes. He said so because the GST has been a long awaited bill and political intervention has always stalled the implementation of the bill. Mr. Gupta urged all the political parties to look at the greater interest of the nation and pass the bill with immediate effect. Once the bill is passed, the pall of gloom that has descended on the global economy in form of various effects on the Indian economy will start clearing up.
He also stated that two major effects of bringing the bill out will strengthen the nation in two major ways. Firstly, he said that with GST upon all indirect taxes, India will grow at a higher rate- which means that the GDP today which piped China will grow at a higher rate. India delivered 1% growth in GDP as compared to the last year and it is assessed that the same can be achieved by next year. But, Deepak Gupta assured that if GST is implemented immediately, in one year, India’s growth will be 50% more, which means that India will grow at 7.8% with 1.5% hike in growth as compared to 2015.
The second major effect would be that the nation will feel morally string as all the parties will set apart their differences and will come on the same page to facilitate a bill that will strengthen the economic backbone of the country. Such events are rare in Indian political history and if that happens, a positive message will certainly be delivered to the masses.