GST the new tax regime of the Government which implemented this year in July has become one argumentative platform with several changes. It is the most remarkable economic reform in India during the era of NDA government. And this GST the indirect goods and service tax has implemented by the BJP government to ease consumers tax paying. This new tax reform replaced the multiple taxes levied by the central and state government. However Last week, the GST council has drastically slashed the taxes of the various products of 28% tax category to benefit consumers.
The decision of the tax-slashing on the number of items came after three months of implementation. In just three months GST has marked stiff opposition and appreciation together. As on one hand, some people are supporting GST while on another hand, small businessmen opposing this new tax regime of the government. The economic experts say that the major problem with GST was the implementation of too many rates, requirements, rules and regulation. Goods and Services tax aims at simple tax which somehow introduced into many categories and subcategories.
The government has divided GST into four slabs category of the tax such as 5%, 12%,18% and 28%. And both the centre and state introduce equal tax charges under GST. However, this new indirect tax has marked various changes to ease the difficulty facing medium and small businesses in paying taxes and filing GST returns. Also, last week Finance minister Arun Jaitley has signalled more GST rate cuts to pass on the benefit of the recent reductions to consumers.