* GOODS AND SERVICE TAX:
This is Taken as the biggest tax reform in the history of country {India} after independence. This is
effective from 1july 2017..It will assume that its integrate the all indirect taxes make the single India market.It will bring 17 state taxes and federal taxes into the single unified tax.
The International Monetary Fund Has already appreciate the Modi government reform on country taxation system..IMF Deputy Managing Director Tao Zhang said that "Indian Government has made
a significant progress in Economic reforms that will support strong and Sustainable growth going forward" ..
* The Short Term Impact due to GST:
The short term problem is this due to this More tax is act on the goods due which people suffer..Due to this your Net bill , mobile cost , D2H bill, etc increase exponentially..Under this policy the main problem is for those who corrupt mind who does not want to give tax ..but till they doesn't give Bill for their commodity it doesn't having prove to show government and doesn't get refund from the government..
* Long Term Benefits :
The long term benefit it might be possible it increase the growth rate of economy about 2 to 3%..
Its makes Indian Economy More Stable and Constant ..Due to this the foreign Investment increase in Country and government said it acting lowest rate on commodity essential Commodities and higher rate on Precious Ones..The government also said that it might Change the rate if it is required. There are total Four slabs of tax is government introduce 5%,12%,18%,28%. In this tax rate .It will eliminate all the unwanted tax which was act by the state government, central government.. And integrate both central and state tax act minimize it including Cess. But It is the biggest Economic reform in the history of Country..
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Commodities with their tax Rates:
