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 ind...