Demonetisation and GST effect: Look how Businessmen reacted to the initiatives

Demonetisation and GST effect: Look how Businessmen reacted to the initiatives

Demonetisation an Anti-Black money day of the centre marking its first anniversary today. Last year, on 8th November 2016, Prime Minister Narendra Modi announced the demonetisation initiative at night to demolish corruption from India. On this day the centre has announced the scrapping of 500 and 1000 rupees currency of India from the midnight. Demonetisation initiative of PM Narendra Modi aims to demolish black money from India, root out terror funding and corruption.

Demonetisation is not the only initiative of the centre to fight against corruption but the GST was also implemented this to make India corruption free with digital India dream. In July, Centre implemented new tax regime GST the Goods and Services Tax in India for empowering cashless economy along with expanding the tax and revenues. However, both the initiatives have somehow affected the lives of the small businessman and middle-class family. As it overpowers with several difficulties such as standing in cues for exchanging old currency with new currencies.

Perhaps, most of the people of India supported these initiatives and said GST and demonetisation was the great move to crush terror funding and corruption from India. Today, Centre is celebrating Anti-Black Money day for marking demonetisation one year. While Congress VP Rahul Gandhi and West Bengal CM Mamta Banerjee are marking Black money day. However, these initiatives have faced stiff opposition from opposition parties.

Moreover, to have some clear views on GST and Demonetisation initiatives we have conducted interviews with some small businessmen. Read here what they say about these initiatives. Firstly, we spoke to Manager taxation of the largest manufacturing unit, who said GST affected many small businessmen as it makes things very complicated with return filing on the monthly basis also it becomes difficult to manage extended data. Also, the government has implemented GST in hurry. Although he had not faced any problem from demonetisation. But he says demonetisation is not the successful initiative to take out black money from India as the government have just received the circulated money. And from Black Money day and Anti-Black Money day, he chose to support Anti-Black Money day.

Then we have spoken to the wholesaler of Glaxci paint, S.P Singh Parmar, he said: he had not faced any difficulties during demonetisation as he always used to keep his all money in the bank. So, demonetisation does not affect him much also his business had not faced many difficulties because of GST. After that, while asking about the GST impact, He said: “To get something better we have to lose something”. He also added further that these were the good moves against corruption and for India’s future. In short, S.P. Singh is supporting these initiatives also he is supporting Anti-Black money day.

Later on, we spoke to Harvinder Pal Singh who is running Medical Retail Shop. Mr Harvinder poured with stiff opposition as he faced various problem such as filing return and also he said they have to reduce their staff because of loss in business. So, the lesser staff has increased their workload. And on the impact of demonetisation, he said somehow this initiative had affected every citizen of India. And the government need to conduct debates on these initiatives as they still need improvements. Also, the government have to work on the problems of common people and businessmen, Mr Harvinder added. He is also supporting Anti-Black Money day.

However, we have got mixed reactions from all these businessmen as some say it is a successful initiative for India’s future while others say they have faced lots of problems after the implementation of GST and Demonetisation. Still, the government need some improvement in the GST.

About the author

Pallavi Parmar

Journalism is my profession, Blogging and Writing are my passion, Travelling is my love, Food is my life and Feminist by nature.

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