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Tag: gst on common man
GST or Goods and Service tax came into existence on 1st July 2017, a day which made all the businessmen keep silent for a while. On this day, the Indian businesses finally implemented this much-awaited tax. It is a game that changed the entire tax structure by replacing the indirect taxes levied by the State and Central government of India. GST tax rates declared by the Indian government have four slabs named as 5%, 12%, 18% or 28%. In actual fact, most of the goods have levied at 18%. What is the impact of GST on the pocket of a common man? Does GST affect businesses in such a way that cut the pocket of a common man?