The government of India has finally passed the GST bill, also known as the Goods and Services Tax bill. This is considered a significant step in the reform of indirect taxation in India. While the rate of GST is undecided it should rain between 17 – 19%.
So what does GST mean and how does it affect the Tech and Commerce Sector?
For starters, companies and manufacturers will see big benefits from this taxation policy. Instead of paying taxes at multiple levels of government including State and Central, there will be one Tax allowing for companies to save from the existing cumulative 25-30% tax burden and reduce it to 17-18% a a single unified tax.