PDF, 4th August 2016
The introduction of a unified goods and services tax (GST) across the nation is the most
important indirect tax reform (सु धारना) since Independence. It has taken almost 16 years from
the date of inception (आरं भ) of the idea, formation of a task force, to passage in Parliament. It
represents a Herculean (अतयन
् त
् क ठन), nationwide, multi-party consensus-building exercise
which is finally bearing fruit.
It has huge implications (अनु मान). First, it addresses a serious impediment (अवरोध) to our
competitiveness. Without the GST, there are multiple points of taxation, and multiple
jurisdictions. We also have an imperfect system of offsetting credits on taxes paid on inputs,
leading to higher costs. Further there is cascading (झरना) of taxes — that is, tax on tax.
Interstate commerce has been hampered (फंसाना) due to the dead-weight burden on Central
sales tax and entry taxes, which have no offsets. All this will go once the GST is in place. It will
enhance the ease of doing business, and make our producers more competitive against imports.
Second, the adoption of the GST is an iconic example of what Prime Minister Narendra Modi
has called “cooperative federalism”. It represents a national consensus (आमसहम त), an
outcome of a grand bargain struck together by 29 States and seven Union Territories with the
Central government. The States agreed to give up their right to impose sales tax on goods (VAT),
and the Centre gave up its right to impose excise and services tax. In exchange they will each get
a share of the unified GST collected nationally. The anticipated (अपे त) additional gains in
efficiency, competitiveness and overall tax collections are what drove this bargain.
Third, once the GST is in place, it means a unified, un-fragmented national market for goods and
services, accessible to the smallest entrepreneur. Companies need not maintain stock depots to
avoid paying interstate taxes. This will free up some capital. All this will add to demand, and
also efficiency. The National Council for Applied Economic Research and others have estimated
that national GDP growth can go up by one percentage point on a sustained (संभालना) basis.
1. Reform (V) सु धारना / फर से बनाना

Synonyms : Amend / Improve / Rebuild / Renovate

Antonyms : Break / Hurt / Waver / Forfeit
2. Inception (N) आरं भ / शु आत

Synonyms : Dawn / Rise / Origin / Wellspring

Antonyms : Conclusion / Effect / Completion
3. Herculean (Adj.) अ य त क ठन / बलवान

Synonyms : Almighty / Huge / Heroic / Tough / laborious
4. Implication (N) अनु मान / उलझाव

Synonyms : Reality / Proof / Truth

Antonyms : Guess / Hint / Link / Union / Suggestion
5. Impediment (N) अवरोध / बाधा

Synonyms : Barrier / Hitch / Hurdle / Defect

Antonyms : Aid / Help / Support / Freedom
6. Cascade (N) झरना / जल पात
 Synonyms : Deluge / Falls / Flood / Avalanche
7. Hamper (V) फंसाना / उलझाना

Synonyms : Block / Curb / Bind / Foil

Antonyms : Allow / Assist / Abet / Promote
8. Consensus (N) आमसहम त

Synonyms : Accord / Harmony / Unity / Unison

Antonyms : Denial / Dissension / Refusal
9. Anticipated (Adj.) अपे
त

Synonyms : Assume / Await / Count on

Antonyms : Doubt / Be unready / Be amazed
10. Sustain (V) संभालना / सहना

Synonyms : Assist / Bolster / Bankroll / Brace

Antonyms : Harm / Hinder / obstruct
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