00:00hello dear viewers welcome back to truth and trends today we're decoding something that
00:13affects every indian gst reforms and economic policy sonia i keep hearing gst reform in the
00:20news but honestly i don't fully get what it means can you explain it in simple words
00:26sure deepak before gst india had too many indirect taxes excise vat service tax entry tax it was messy
00:35gst came in 2017 as one nation one tax to simplify this system okay that sounds good but did it
00:45actually make life easier in some ways yes goods started moving freely across states without
00:51checkpoints and businesses had one common tax structure but there were challenges too complex
00:57filing rules multiple gst slabs 5 12 18 28 and frequent changes confused people so gst wasn't
01:08really one simple tax as promised exactly for a big corporate gst digital filing is manageable
01:16but for a small kirana store or street vendor compliance became tough some had to hire
01:23accountants just to file returns hmm so the winners were big companies and the losers were small
01:30businesses not entirely deepak the gst council where center and states meet keeps adjusting rules
01:38for example lowering tax on essentials raising it on luxury goods exempting some services and now
01:46discussing gst 2.0 to reduce slabs and simplify filing i read recently about new changes like online gaming
01:55tax and fuel debate that's also gst reform right yes exactly every reform tries to balance two goals
02:03government revenue and people's affordability two high tax hurts businesses two low tax empty state budgets
02:11finding that balance is the key so the journey isn't over gst will keep evolving absolutely
02:19gst is not a final product it's a process india is still fine tuning it dear viewers what do you think
02:27has gst helped you as a consumer or hurt you as a small business comment below with your experience
02:34don't forget to like share and subscribe to truth and trends for more such simple
02:39clear breakdowns we'll be back with another important topic soon jay hind
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