Finally, GST has been rolled out on July 1, 2017. The reactions are not knee jerk but some businesses are in stand still mode. The extent of GST impact will be tough to calculate in short run, but some feelers have already started to come in through media especially the naughty (social) media.
On 2nd July I wrote about how GST is going to change your investments. If you have wanted to check this post click here.
In this post, I will try to show you some pictures and describe the changes that have been implemented. Also, enjoy the reaction from the public and business owners.
This baby was born when PM & President were launching GST. Now, mother wants to name baby GST. OMG? Let’s call it GST Baby then.
First the changes
GST Ready: Many businesses are still protesting but this small Dhaba (Restaurant) from Sonipat Haryana was ready beforehand. The customer sat for dinner on 30 June but billing was done post 12. Look at the bill already GST complied that too at 0036 Hrs!
PSU like IOC (Indian Oil Corp) was ready too. The gas cylinder delivered had GST reduced to 5%.
Banks filled my message inbox already declaring they will charge extra from 1st July 2017.
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But media especially Mr. Rajdeep Sardesai was in a “different mood”. So he connected business with pleasure and tweeted.
Online retailers are like Rudaalies (Expert-High-Pitch-Weeping-Ladies-during-Mourning). Any time of the day or night they have a sale running. Last 15 days before 30 June they constantly pushed the PRE-GST SALE… and Now the POST-GST SALE. Anyone lives or die our online retailers will just cry one word – SALE
Few Headlines post GST
Good news for buyers of Automobile, mobiles and even tobacco products (not encouraged). Yes first working day of GST i.e 3 July
Even the rigid Apple also bowed before GST and thought to pass the benefits to consumers.
But all is not so well. The business Owners especially the small ones want help and still in no mood to accept. This is due to the complexity of the procedure and widespread rumors that GST will increase the burden of tax and compliance.
Some people are using the “Skanda Purana” trying to make it political by reminding that the person who has brought this GST mess (Read PM/Finance Minister) is a sinner and will loose his position soon.
All is also not well in Mutual Fund industry too. The agents (we are RIA’s) have been asked to get GST registration or mutual finds companies will deduct GST @ 18% from their commission. And, they want to pass the burden to end user which is you – investor.
So they are making it a huge issue on social media and finally MP Kirit Somaiya has agreed to hear them.
And, this one is my favourite. Hitler making a mockery of GST system. (Hey don’t watch if occasional “f” word or a bit of slang offends you)
So, the hues and cries will continue as we adjust to this new concept. I read Nandan Nelikani interview today and his views on GST System. Remember he was the head of the committee which made this GST Network. This what he said:
So, how are you feeling now? Hope GST has started to sink in and it’s business as usual? Share your concerns in the comments section below. And do forward to show this compilation to your friends and family.