Impact of GST on Banking sectorBackground :-
- Goods and Services Tax, a strong taxation system was introduced on 1st of July in India.
- Every product including aerated drinks, tobacco products, gold etc that was being imported or exported across the country was now committed to
Impact of GST on Indian EconomyPositive Impact :-
- As there will be no inter-state tax, transport of goods will be much easier. There will be no burden of check posts for states. And this will benefit transport industry and suppliers of goods as well. This
Will GST be a success?In Favor :-
- With the elimination of multiple taxation, taxes will be lower. Hence the burden on manufacturers & prices of goods will be reduced.
- Tax structure will be simplified. It’s easier to pay a single GST, instead of sales