The Most Anticipated Tax Reform

The most awaited event in India had just happened recently on 3rdAugust, 2016. The Rajya Sabha has finally passed the GST (Goods and Services Tax), Constitutional Amendment Bill after a 7-hour long debate. This is something the Indian Citizens have been waiting for since decades.

India is the10th largest economy in the whole world in terms of GDP. As it is always a race in currency exchange market for dollar versus rupee, every individual wishes that why can’t be a Re 1 equal to $1? This is the question quite similar to why can’t we just print money and pay all the debt? There are some pros and cons to the situation. Before going to pros & cons, let’s see what happens, if in overnight or in a very short period of time Re 1 equals to $1. First of all, the high value of currency does not mean the economy of the country is stronger. If that was the case Bangladesh would be a stronger economy than Japan. Because 1 Bangladeshi taka is equal to 1.4 yen [1 BDT= 1 YEN].

How can we forget the days we fought with our moms to put cricket on the TV, when the entire family was yelling at every ball bowled, when we prayed with utmost sincerity for Sachin not to get out, the endless chatter with our friends, colleagues and strangers the day after the match, and the day after, and even after many a days later.