As the clock strikes midnight today, Goods and Services Tax (GST) will be rolled out with triumph, but actually, it is making me cry. The road to GST was laid back in August 2016, when the 122nd Amendment (GST Constitutional Bill) voted for, by the Rajya Sabha, India has been preparing to transform the way it pays taxes.
The fresh law, which is billed as sovereign India’s biggest restructuring proposal, is expected to perk up compliance rates, boost government income and generate a widespread national market by consolidating a network of local and central taxes into a single toll. Let’s see how it will affect everyone’s eating out habits and it there any alternative to cope up with it-
2. And you thought these free calls were going to save your ass! Haha, because now be ready to shell out and extra 4%.
3. Luxury goods and Shopping malls will make big holes in your pocket as the taxes are pegged at a higher rate (along with an additional cess), with the rationale being that those who can afford luxury can afford taxes too.
In a nutshell, GST seems to be a mixed bag with certain supplies getting cheaper (including food grains, eggs, meat, milk, curd, salt, bread, fruits, vegetables, essential medicines, Prasad, stamps, judicial papers) while the others are likely to bother household budgets by getting more costly.