July 1, 2018 marks one year of the Goods & Services Tax (GST). While the debate over how beneficial the tax regime has been to the country remains debatable, one cannot deny the fact that GST has had a significant impact on the economy as a whole. The pros and cons will be kept discussing in the times to come.
Real estate sector players say the benefits of GST — frequently termed as the “most radical tax reform in India’s history” — mostly lie in the long-termed macro-economic scenario while loopholes are many in the current scheme of things.
On a lighter note though, we look at other full forms of GST, which are not as taxing!
Gulf Standard Time: One of the many world time zones
General Systems Theory: One among several methodologies used to understand complex phenomenon and problems
Generation Skipping Transfer: In the US, a generation skipping transfer (GST) means shift of property by gift or at death to a person who is two or more generations below that of the one giving the gift
Ground Surface Temperature: It is defined as the surface or near-surface temperature of the Ground measured in uppermost centimetres of ground
Global Science and Technology: A software company found in 1991
Geological Survey of Tanzania: Government agency responsible for acquisition and storage of geoscientific data and information used in mineral resources and other sectors of the economy
Gulf States Toyota: It is one of America’s most successful private companies and one of the world’s largest distributors of Toyota vehicles and parts
Gnome System Tools: A computing software for Linux and other Unix-like operating systems
Gabbar Singh Tax: Rahul Gandhi referred to GST as Gabbar Singh Tax
Great Selfish Tax: Mamata Banerjee called GST the ‘Great Selfish Tax’