Understanding GST And Its Impact on Business And Consumers
Understanding GST, how it works and its impact on the economy, business and consumers
India took the first concrete step towards adopting a Goods and Services Tax (GST) in 2006, when Finance Minister, P Chidambaram, proposed the country shift to GST starting April, 2010. Ten years later the tax reform is still moot. Next week the Constitutional Amendment Bill, to allow for the levy of GST, will likely be listed for discussion in the Rajya Sabha. It has already been passed by the Lok Sabha but continuing negotiations with political parties, especially the Congress, cast a doubt over the success of its passage in the upper house.
Meanwhile business, small and big, is working to understand the impact of this tax reform. So what is GST, how will it work and what impact will it have on various industries. Badri Narayanan, partner at well known tax firm Lakshmikumaran Sridharan joined the BloombergQuint team on Saturday, July 23, to explain this new tax system.