Goods & Services Tax (GST) transition:
GST is a destination based consumption tax that is implemented in over 160 countries worldwide and have reaped the benefits of higher GDP and lowering of inflation.The passing of the 122nd Constitution amendment bill by Loksabha on May 6th, 2015 and persistent efforts by the Government of India to get that cleared by Rajya Sabha clearly indicates that, GST is becoming a reality. GST is going to be a game changer, not only for the Government but also for the businesses and consumers. GST is going to redefine the way businesses’ are done, transactions are structured, taxes are collected and goods are distributed. It is certain to increase the tax base, however, it will also bring in lot of restructuring in the existing businesses.
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