GST is always simple. The entire economic processes of the nation can be fairly taxed.
You won’t have to scratch your brain about different taxes. now we have to pay a single tax GST.
It’s going to ease the stress of taxes from the Indian manufacturers. They now have to pay lower taxes, and it will increase the scope of a better business environment and flexibility.
In 2000, the Vajpayee Government started a discussion on Goods and Service Tax by setting up an empowered committee, headed by Asim Dasgupta, (Finance Minister, Government of West Bengal).
The committee was given the task of designing the Goods and Service Tax model and overseeing the IT back-end preparedness for its rollout.
Later in 2006, Union Finance Minister Shri P. Chidambaram moved towards Goods and Service Tax in his Budget and proposed to introduce it by 1st April 2010.
However, the Empowered Committee of State Finance Ministers (EC) released its First Discussion Paper (FDP) on the Goods and Service Tax in November 2009. This spells out the features of the proposed Goods and Service Tax and has formed the basis for discussion between the Centre and the States so far.
On 6th May 2015, the Lok Sabha passed the much-delayed Constitutional Amendment Bill to introduce Goods and Service Tax, paving the way for a new bill on the uniform tax regime, even as the Congress Party staged a walkout in protest.
And finally, the Goods and Service Tax (GST) start from 1st July of 2017.
The Cheaper and Costlier product after GST
The daily use product and service are going to cheaper after Gst. these are salt, food at small restaurants, cutlery, ketchup, sauces, pickles, vegetables, fruits, Soaps, hair oil, toothpaste, Travel, Airfares for economy class, Footwear, Apparels etc.
And the other hand are going to costlier after the GST is Tea, coffee, train tickets, bikes, TVs, refrigerators, ACs, washing machine, Courier services, mobile phone tariffs, insurance premiums, banking charges, broadband services, Aerated drinks, tobacco, luxury goods and hotels, Mobile bills, buying a flat etc.
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