GST

GST(Goods and Service Tax) is one of the biggest tax reforms in the country. GST will turn India into one market, leading to greater ease of doing business. It is a consumption based tax with a dual structure. Its is classified into two Central Good and service tax and State Good and service tax.Center is given the power to levy sales tax and state government levy service tax. Some companies earn more as GST rate will be lower than their current tax rates and some will lose as the rate will be higher than present effective tax rate. While GST rates are yet to be decided some industry observers assumed it as 18%.

 Literally, GST is the tax levied when a consumer buys a commodity from the market it removes all riddles with the indirect taxes, which GST aims to subsume with a single comprehensive tax, bringing it all under a single umbrella. For the members of the public GST will be a mixed bag. Currently, the indirect tax on manufactured goods ranges from 27%-32% and indirect tax on services is 15%. 

Thus a common man has to pay more on services and less on manufactured goods. The price of white goods and mobile phones will be lower, whereas the price of services will be higher. It's assumed that in effect a common man ends up paying lesser when GST comes into the picture. GST will bring a 2% increase in GDP of India due to better logistic efficiency by removing all logistic delay.Tax is the life blood of a nation. It is the medium through which the spirit of any nation manifest itself,asserts itself, rises itself and ultimately it should benefit the poor and economically weaker sections.On 1st April 2017 GST will be rolled out.Expectations are high on the implementation of GST and thus India is emerging as a global bright spot for investments from abroad.