Goods and services tax has been the biggest step that our Indian government has taken. It is a comprehensive multistage, destination based tax. The tax came into effect from July 1 2017 through the implementation 101st amendment of constitution of India by the Indian government.
This major step has helped the citizens of India to file their taxes easily without the hassles they faced earlier.the implementation of GST has significantly affected the Indian economy in many ways like it has eliminated all the other multiple taxes by imposing a single one. By doing this there has been enhancement and growth of the retail and other industries also it has reduced the customs duty on exporting goods.The cost of production in the local market has also decreased due to GST.
Though it has some negative impacts too like wise the tax rate has been increased for many products , thus increasing their costs sectors like textile, media, pharma, dairy products are bearing the brunt of the higher tax.
GST is having a few initial problems but with time we will be able to see the bigger picture and it will surely result in an economic integration.
This major step has helped the citizens of India to file their taxes easily without the hassles they faced earlier.the implementation of GST has significantly affected the Indian economy in many ways like it has eliminated all the other multiple taxes by imposing a single one. By doing this there has been enhancement and growth of the retail and other industries also it has reduced the customs duty on exporting goods.The cost of production in the local market has also decreased due to GST.
Though it has some negative impacts too like wise the tax rate has been increased for many products , thus increasing their costs sectors like textile, media, pharma, dairy products are bearing the brunt of the higher tax.
GST is having a few initial problems but with time we will be able to see the bigger picture and it will surely result in an economic integration.
No comments:
Post a Comment