The trending topic right now is the major tax reform Goods and Service Tax (GST). GST is the biggest tax reform taking place after Independence. It will be rolled out from 1 July. When GST will be applied, many things are going to be expensive while some are going to be cheap. Many economists and businessmen are giving different opinion about the impacts of GST. Niti Ayog’s CEO Amitabh Kant has recently said that GST will help India to achieve 9 percent growth rate.
He declared that “GST is India’s biggest tax reform since 1947. GST will help India in achieving 9 percent growth rate”. He also added that Prime Minister Narendra Modi’s vision of GST will bring a huge revolution in India’s taxation structure.
All goods and services have been put in slabs of 5, 12, 18 and 28 per cent, with the exception of gold and precious metals, which will attract 3 per cent GST, and rough diamond at 0.25 per cent GST.