Long term benefit
It is a wrong perception that small companies had to close down their shops because of GST. Where there is a will there is a way, some micro and small businesses, which are now finding new opportunities, prove. Some of them have been reborn with a new hope.
The implementation of GST has opened the way for making SMEs more professional at least in terms of accounting. GST benefitted many businesses, SME business owners confirm. The implementation of Goods and Service Tax (GST), the biggest tax reform in the history of India with strong technology architecture in place, prevented fouls, leakages and invoice fudging. That also ended double taxation and inter-state tax dissimilarities within the country, besides the nastier octroi. The radical treatmen,t a massive realignment in the economy through GST and a disruptive system with limited human intervention ended the cronyism, errant bank lending and all unethical trickeries forever.
That filtered the tax non-compliant businesses and exempted very small ones from the compliance requirements. It is only those who haven’t yet shown willingness to be GST compliant face the pain of bread loss. Many micro enterprises had faced severe crisis not because of the policy, but because of the foul ways they traditionally used to live by.
They are also being rehabilitated with vehicles like MUDRA loans and other mechanism. Now all businessmen are required to be more transparent and accountable unlike the past, which, unfortunately they never wanted. The pain was more severe to those don’t want to go by any system that made them accountable to what they did. They had the habit of repudiating every system that disciplined them and made them accountable. Someone wrongly calls it a crisis. It is, in fact, obviously one’s choice to be trapped in the so-called crisis, when there is a way out, that is self-discipline.
The thunderstorm is over. Smoky cloud is parting gradually, as the process of stormy overhaul is moving towards its logical conclusion. The cloud was a mere cloud of rains, the ultimate symptom of hope. The sky is clear now. The time of harvesting in India has come.
Today, more women are out with their self employment ventures. More young people are trained for entrepreneurship, converting them to be professional job creators rather than being job seekers. The rush of young people to start business will rise, giving the world new models of entrepreneurs.
Business is a talent. Many young Indian talents are venturing into business in the name of Start-ups, Standup India and Make in India, seeing floodgates of opportunities. I have met many young talents, who returned to India from Europe and America to embark on Start-ups, leaving their cushy dollar salaries. Many of them are growing rapidly, making India prouder with their innovation. They prove, every one’s talent can be harnessed to set up one’s own business. Seeing such instances, changing our thinking and behavior would be the next possibilities, an inevitable good sign. Looking at the bold and rapid changes as well as the emerging results, we, especially the educated ones, must stop our whimpers over economic crisis, unemployment and policy obstacles. The success of many young people in the changed atmosphere shows the sobbing antagonists are actors and dishonorable laughing stocks.