The Lok Sabha has finally Passed the Goods and Services Tax Bill and it is expected to have a significant impact on every industry and every consumer. Apart from filling the loopholes of the current system, it is also aimed at boosting the Indian economy. This will be done by simplifying and unifying the indirect taxes for all states throughout India.
Let us have a look a few things that will be influenced by the GST.
What will be expensive
Suppose on a bill of Rs 100 on which consumer pays service tax of 15 % and finally pays Rs 115 as total amount to his service provider.
After GST, if the tax rate is fixed at 18 % then he will have to bear the brunt of Rs 118.
After implementation of GST, internet packs and call rates are likely to get higher.