The jokes keep on coming as the new tax regime prepares to roll out on July 1.
Aiming for a ‘revolutionary reform’ that will benefit one and all, Finance Minister Arun Jaitley’s legislative initiative is all set to pave the path for the Goods and Services Tax (GST). As he announced in March 2017, GST will nullify all other indirect taxes imposed, from service tax to octroi and simply levy one common tax on all kinds of goods and services all over India.
However, with less than 10 days to go before this historic legislation is implemented, most Indians are still confused as to what is GST all about. And can you blame them? With 1,211 items categorised under tax slabs ranging from 0% to 28%, one can feel for their bafflement.
And like every other time, people took to Twitter with their questions and analogies as to what is GST. We bring you the most interesting theories that Twitterati came up with: