GST Impact in India, Impact of GST on Various Sectors 2021 (Detailed)

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GST Impact in India, Impact of GST: GST Bill has been passed in the Lok Sabha on March 29, 2021 and Rajya Sabha on April 13, 2021, it seems certain that it will meet its July 1, 2021 deadline for implementation. The GST is being touted as the game changer it would replace several taxes, cesses, and surcharges at one go. The Various Sectors expecting to benefit from the GST rollout, in a major way. Incidentally,

With the passage of India’s biggest tax reform in decades, we will become a unified market, with one tax for all goods and Services. Once GST implemented will significantly ease the ambiguity Investment and stimulate overall growth of the economy.

Experts believe that in the present tax system, there are a lot of different taxes that one has to pay, like VAT, Excise duty, Service tax, or the local body taxes. GST will subsume all these taxes into it. Instead of paying various taxes, at various states and cities like we have to pay ‘Entertainment Tax’ for watching a movie. We have to pay Value Added Tax (VAT) on purchasing goods & services and there are Excise duties, Import Duties, Luxury Tax, Central Sales Tax, and Service Tax of today some of these taxes are levied by the Central Government and some are by the State governments after implementation of GST we would only one tax that is GST.

GST Impact in India, Impact of GST

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