Displaying items by tag: GST
October 14th, 2019, saw the Goods and Services Tax (GST) Council convene in Goa, with the industry watching on with bated breath. The Indian economy hit a six-year low of 5 percent in the first quarter of the 2019 financial year. The Union Ministry hastened to launch a financial stimuli package in June 2019, while reducing the GST on consumer goods to boost domestic consumption.
Around the same time, the government was planning to ban certain single-use plastics to reduce plastic waste generation. The Prime Minister, in his Independence Day speech in August 2019, urged citizens to shun single-use plastic. A supposed watershed moment for sustainability and environmental consciousness for India, given that 60 major cities in the country generate around 25,950 tonnes of plastic waste in a day[i].
The proposed plastic ban was shelved amidst pressure from the industry and a fear of the economic slowdown. However, these GST tax rebates will create liquidity in the domestic economy and increase demand for consumer goods- meaning an increase in the quantum of waste generated. Thus, while waste management is becoming one of the biggest challenges for the government, economic policies continue to drive waste generation.