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GST has changed the ways the system used to go as after the implementation of GST, some bad and good changes can be seen in the Indian economy.
It has been two months since Goods and Services Tax Regime (GST) was implemented in the country and comes up with the new headache.
Goods and services tax has a direct effect on the exports of India as many of the revenue subjects are associated with the industry.
Goods and Services Tax (GST), the biggest tax reform since Independence came into existence on 1st July in India. Industry experts feel that various sectors or industries will not be benefiting with the new tax regime. Some of the renowned Industry experts reviewed over the implementation of the new regime are mentioned below:-
The government is now embarking upon its new agenda for the improvement of economic conditions by doing a cut short in poll funding in elections.
After the implementation of Goods and Services Tax Regime about 22- states have terminated to pay border commercial tax at check posts embarking a big step towards which one nation, one tax, one market.
The GST (Goods and Service Tax) has been termed as a great reform achievement of the GOI (Government of India) by Takehiko Nakao, the president of Asian Development Bank. But he also suggested that the upcoming tax regime in the country could also cause challenges on account of some factors such as the multiplicity of tax rates.
Well – renowned businessmen of Reliance Group Industries, Anil Ambani says that Goods and Service Tax Regime (GST) which is going to be rolled out from 1st July is not just another piece of reform or transfor but our economic freedom. New GST regime would make the country independent and democratic market in the history of mankind.
Only a few days are left for the actual implementation of Goods and Service Tax Regime (GST) and will be launching on midnight of 30th June across the country. Some analysts are indicating for caution.
