Change is the inevitable part of every economy, but what better it would be than a change for the advancement of a nation. In India, there is a buzz of a new tax regime everywhere, referred to as Goods and Service tax (GST). This GST is in every sense “The biggest tax reform in India post-independence”. But, do we all know what this GST has in store for us? In the real sense, the answer is NO. So we, at Postman News , want our readers to be educated about it and therefore, starting a series of articles on this topic.
So, what is this GST all about?
The Central Govt. is taking many major and tough decisions for fulfilling its promise to curb black money in India like demonetization, introduction of GAARs. One such major decision is implementation of GST. Only an honest businessman or taxpayer can survive in the GST regime as there are various checks at the very basic levels of a transaction. From issuing of invoice to filing of return and taking input tax credit, everything will have to be done online in the GST-led environment. This will change the style of doing business in our country. IMF, the monetary wing of United Nations, estimates that GST will add 2% to the Indian GDP. But how? How will GST impact me? Let’s have a look at this.