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Even after almost a month of the launch of GST in India, people and businesses are still struggling to accept it completely. Let’s see how people from different areas are reacting to GST and what are their concerns.
BEIJING: IMF yesterday, said structural betterments that include GST and the other land reform zones will be the prominent factors to amplify the economic potentials of India.
Biggest indirect tax regime of india, the Goods and Services Tax (GST) is on its way to be adapted worldwide. After its inception, the present tax structure (Sales and Service Tax) will be replaced by the same. The need for GST in India is not only necessary to get rid from the troublesome current scheme of indirect taxes, but principally for reducing a huge number of exemptions, multiple rates and upgrading the tax compliances. Here we are going to put focus on some of the fundamental differences between the two and why the former is very prominent to be introduced soon.
The finance ministry and empowered committee of state finance ministers have released a usual exempted items list including tea, coffee, biscuits and other medicines that have been exempted from excise duty.
GST Stands for Good and Services Tax that is a vital regime of India. It is the biggest indirect tax reform since independence. It would be levied when a consumer will buy a good and service.
