New Delhi sources have made a statement that the biggest tax reform set to receive a red carpet welcome in Parliament's Central Hall when the clock strikes midnight on June 30, the GST will irreversibly impact consumers, traders, businesses as well as the revenue collection machines of the states and the centre.
Sources have stated that though the real impact of the government's big-bang reform can be assessed only after a full year of its implementation, let us gauge its effect on the various aspects of trade, consumer prices and government revenue and moreover in many cases it may weigh heavily on your pockets while in others it may soothe the traders' frayed nerves with input tax credit.
A new storm in the name of GST will come into existence from July 1, when
you visit an air-conditioned restaurant, be ready to shell out 18% as taxes. In
case you prefer a non-air-conditioned food joint, and then you will save 6% as
such restaurants will attract 12% GST and also buying a flat or shop will
attract GST of 12% as compared to current 6% approximately. Indian business
tycoons are waiting for the arrival of GST.
