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One year after: the GST anniversary
In its second year, the GST regime must be purposefully rationalised
Since its midnight launch on July 1 last year, India’s Goods and Services Tax regime(शासन-काल/व्यवस्था) has evolved(प्रस्तुत/विकसित) significantly(महत्व के साथ/काफी) . There have been serious implementation(अमल/कार्यान्वयन) issues, but also the administrative(प्रशासनिक/प्रशासन-प्रबंध संबंधी) will and flexibility(लचीलापन/नम्यता) to address most of these, with the Centre and States working together in the GST Council. After its initial(प्रारंभिक/पहला) days were marred(बिगाड़ना/हानि करना) by stuttering(हकलाना/स्र्क-स्र्ककर बोलना) IT systems, the deadline for filing returns was pushed forward till most taxpayers got a hang of the system and the GST Network could augment(बढ़ाना/बढ़ती करना) its capacity. Industry had anxieties(चिंताओं/सोच) about the multiple tax rates, ranging from zero to 28%, with a cess on demerit(न्यूनता/त्रुटि) goods. But gradually, the number of goods under the 28% bracket has been brought down to 50 from around 200. A unique component envisaged(उल्लिखित/परिकल्पित) in India’s GST regime, matching of invoices for granting(देने/स्वीकार करना) tax credits, has been kept on hold for fear of adding to taxpayers’ transition pains. Despite(के बावजूद/विरोध से) its glitches(खामियों) and snarls(फंसना) , the new tax has taken firm root and is altering(बदलाव) the economic landscape(परिदृश्य) positively(निश्चित रूप से/सकारात्मक) . The strongest sign of this is the entry of over 4.5 million entities(संस्थाओं/वास्तविकता) in the country’s tax net, many of which would have so far been part of the cash-driven, informal economy. This expansion of the tax net will also help increase direct tax collections.
At Sunday’s GST Day celebrations, Prime Minister Narendra Modi ruled out a single tax rate but hinted(संकेत दिया
/सूचित) at lower rates for more items. He was reacting(प्रतिक्रिया करना/प्रतिकार करना) to criticism(आलोचना/समीक्षा) about the flawed implementation of the One Nation, One Tax concept. Rhetoric(भाषण कला/वक्रपटुता) aside, there is a clear buoyancy in revenue(आय) after a wobbly(शुरुआत ) initial trend(झुकाव/प्रवृत्ति). The government was eyeing(नज़र रखना) a little over ₹90,000 crore a month to make up for the revenues earned under the earlier regime and to compensate(मुआवजा देना/क्षतिपूर्ति करना)
States for any losses due to the GST. Finance Minister Piyush Goyal is confident that the average monthly collections this year could touch ₹110,000 crore. This surge must allay the fiscal(वित्तीय/राजस्व) concerns(मामला/चिंताओं) of the Centre and the States, and nudge(परेशान ) policy-makers towards further rationalising the GST structure. If not a single rate, there is certainly(निस्संदेह/यक़ीनन) room for collapsing(एकाएक गिरना/हिम्मत हारना) at least two of the current rates. It is also imperative(अनिवार्य/आदेशात्मक) that rates not be tinkered with too often and pricing disputes not be a default option under anti(विरोधी )–profiteering(मुनाफाखोरी) norms for industry. If cement, as a critical infrastructure input, must be taxed lower than 28%, then decide(निर्णय करना/भुगतान करना) a rate and stick to it. In its second year, the GST Council must pursue a time-bound approach(पहुंच/दृष्टिकोण) to execute(पालन करना) plans already announced to ease(आराम) taxpayers’ woes, such as an e-wallet for exporters and a simpler return form. Besides(साथ ही/के अतिरिक्त) ,, there must be a road map to bring excluded products — petroleum, real estate, electricity, alcohol — into the GST net. This reform still has miles to go, and the government must stare down the temptation to take populist steps ahead of general elections.
Important Vocabulary
1. Evolved(प्रस्तुत/विकसित)
Synonyms: derive, emerge, expand, get, grow, mature
Antonyms: leave, lessen, stop, decrease, diminish
2.Marred(बिगाड़ना/हानि करना)
Synonyms: blight, bruise, harm, impair, ruin
Antonyms: aid, assist, build, clean, create
3.Stuttering(हकलाना/स्र्क-स्र्ककर बोलना)
Synonyms: faltering, halting, lurch, pause, splutter
4.Augment(बढ़ाना/बढ़ती करना)
Synonyms: add to, amplify, boost, build up, develop
Antonyms: abridge, compress, condense, contract, curtail
5.Glitches(खामियों)
Synonyms: bug, defect, flaw, hitch, malfunction
Antonyms: advantage, perfection, strength
6.Snarls(फंसना)
Synonyms: morass, chaos, clutter, complexity, confusion
Antonyms: arrangement, calm, clarity, harmony, line
7.Reacting(प्रतिक्रिया करना/प्रतिकार करना)
Synonyms: acknowledge, act, answer, behave, counter
Antonyms: cease, halt, question, stop
8.Wobbly(शुरुआत )
Synonyms: insecure, precarious, rickety, unbalanced, uneven
Antonyms: balanced, certain, confident, even, firm
9.Collapsing(एकाएक गिरना/हिम्मत हारना)
Synonyms: break, cave in, crumple, disintegrate, drop
Antonyms: accomplish, achieve, fix, mend, straighten
10.Ease(आराम)
Synonyms: calm, calmness, comfort, content, luxury
Antonyms: agitation, discontent, unhappiness, action, activity
11.Eyeing(नज़र रखना)
Synonyms: check out, contemplate, inspect, look at, scan
Antonyms: forget, neglect, disbelieve, disregard, ignore
