PM Modi's message to India's Charted Accountants: 'Your signature is more powerful than PM's'

Equating 'midnight wonder' GST with Swachh Bharat, Prime Minister Narendra Modi said the game-changer step 'has been taken to cleanse India's economy as a tough stand against those who have looted the nation'.

Addressing a gathering of chartered accountants in the capital just 18 hours after the launch of GST, he urged them to take charge of bringing their clients to path of honesty. "A wrong audit can impact lives of gullible investors and CAs have a big responsibility to ensure that society's economic health remains good," Modi said.

"Just like doctors don't want people to be ill to get more business, chartered accountants too need to safeguard society's economic health. Your signature is more powerful than PM's and government also believes the accounts signed by you." Elaborating on the 'positive effects' of demonetisation, eventually encouraging to launch the GST to ensure a fair tax regime, Modi told the gathering, "The impact of our steps to check black money is clear from latest figures of Swiss Banks, where Indians' money has dipped to record low. People with black money will face more difficulties when Switzerland begins automatic information exchange with India in 2 years."

He said, "Post-demonetisation, data shows that over 3 lakh registered companies indulged in suspected dealings and the government has cancelled registration of over 1 lakh companies and more than 37,000 shell firms have been identified for strong action."

"It's a bitter truth that only 32 lakh Indians have declared over 10 lakh income, despite crores being in high-end professions." But though the PM calls it the Good and Simple Tax, how good or simple is GST in reality? India Today TV travelled to every corner of the country and found handwritten bills being given out, encountered non-updated software and non-compliance by traders, including protests.

At the midnight GST bash, even Modi had accepted that there will be initial hiccups. A reality check by India Today TV shows the Modi government may be patting its back for a revolutionary tax reform, but the move has met strong resistance from a large section of traders, including textiles, medicine and has also led to confusion among customers.

A large section of traders across the country are up in arms against what they call a hurried implementation of the tax reform. Even at medicine shops, chemists were seen battling with the system as they haven't yet made their computers loaded with GST slabs for payments. Customers had some tough moments at chemist shops. But there are some cheers too.

In non-AC restaurants, customers are happy as they are paying less for snacks as only the GST is levied and not other taxes. For those travelling in AC and first class in trains, GST may pinch them a bit with higher fares. But in cinema halls and multiplexes, cinemagoers will shell out less on tickets. There is a hope amidst cheer and some resentment. Is it just teething troubles or a sign of testing times?