Positive and Negative Impact of GST
The Goods and Services Tax is an indirect tax applied in a uniform rate on goods and services. It is a single form of uniform tax that is applied across the country on goods and services, where they are considered at par. By doing this, other indirect taxes, such as VAT, CST, Service Tax, etc…, will be eliminated. Like in the introduction of any other reform, implementation of GST , a new law, a new tax, will bring about new challenges. These challenges will need to be tackled with appropriate understanding and care. The application of GST will have a direct and indirect impact on specially the common man. There are four slabs rates, a four tier GST rate structure, which has been agreed upon and passed on the 3 rd of November 2016. Currently GST is at an implementation stage and in its infancy to truly understand the positive or negative impact of it. It is only time, that will make it clear to comprehend the impact of GST on various sectors. Below are ...