At the stroke of midnight, India has moved to the Goods and Services Tax regime, putting an end to a regime of multiple taxes at various levels. Some taxes such as local administration tax will stay.
While Finance Minister Arun Jaitley acknowledged there could be “initial difficulties” in implementing the indirect tax of this huge scale, the GST is likely to benefit the nation in the long run.
New Delhi: GST 17-Year Roller Coaster ride to Final Rollout. pti graphics(PTI6_30_2017_000199B)
The GST Council comprising Finance Ministers of all States has met for the 18 times to decide the tax structure. With the GST finally coming into effect, the question that lingers is what will be cheaper and what will turn expensive?
The next question is how the GST will impact industry? Here is a sector-wise breakdown.
