New Delhi, February 13, 2018: GST Bill has been passed in the Rajya Sabha, further ratified by the requisite number of states.Even the President has given his assent to the GST Bill. So,the implementation of GST is nearing reality.
All the necessary steps are being taken for the effective implementation of GST or Goods and Services Tax from April 2017 in India.
GST has been a hot topic of discussion everywhere these days.So,you need to be aware of different aspects of GST.
How it will impact our lives,once GST is introduced ? How the common man will benefit from GST ? What are the advantages and disadvantages of GST ?
Keep reading further, to have a deeper insight of the positive as well as the negative Impact of GST on common man.
Presently,there are around 160 countries that have implemented GST/VAT in some form or other. In some countries,VAT is the substitute for GST,but conceptually it is a destination based tax levied on consumption of goods and services.
- France was the first to introduce GST or Goods and Services tax.
- Presently,only Canada has a dual GST model (somewhat similar to the Dual GST Model that India is going to implement).
- The rate of GST normally ranges in between 15–20% .However,it may differ to a higher/lower side in some of the countries.
The rate of GST plays a crucial role, that is yet to be decided.Various countries have been struggling to rationalize the rate structure.
India is all set to introduce GST or Goods and services tax after crossing the various hurdles in its way.
Let us hope it is introduced at a nominal rate that proves beneficial not only for the common man but for the country as a whole.
Corporate Comm India(CCI Newswire)
