The Goods and Services Tax (GST) regime has reduced the tax rates of most commodities consumed by the weaker section of society.
The GST law contains a “self-policing” mechanism which will bring about transparency and accountability in business transactions, ensuring the gains are passed on in the form of reduced prices of goods and services.
The GST regime has brought about the reduction in tax rates of most of the commodities to be consumed by the weaker sections of society, thereby benefiting them.
The passing of GST will have a positive effect on the economic reforms of the country. “It is expected to positively impact the business environment in the country and help the domestic sectors become more competitive.
GST was rolled out from July 1 and an anti-profiteering authority will be set up soon to ensure the benefit of tax reduction is passed on to consumers.
As per the Labour Bureau data, 1.22 lakh additional jobs have been created in eight sectors, including manufacturing, construction, trade, transport, accommodation and restaurants, IT/BPO, education, and health, from October 1, 2016, to January 1, 2017.
Source: Times of India