Showing posts from June, 2017

The GST jumla, another massive fraud on the nation

GST is a massive scale fraud on India which will have extreme repercussions. People have taken in the government propaganda lock stock and barrel. They think that this is a great reform and will bring about everything from lower prices to reduction in income tax. Nothing could have been further than the truth.

Consider the following:

The book keeping requirements in GST are quite exacting. Therefore, all small and big businesses will have to hire services of small and big accountants. This will lead to higher administrative costs and hence inflation.

Many clauses introduced through back door by Jai Italy. The biggest and the most draconian clause against small businesses is this:
Those who will buy from an unregistered vendor will have to deposit 18% tax on the vendor's behalf. And this will not be adjustable / refundable.
This is the problem point. People will either:
1. Stop buying from unregistered vendors. Who will take on the small vendor's burden at the cost of competit…