Goods and Service Tax and Its Impact on Various Sector
GST that is Goods and Service Tax is the latest kind of Indirect Tax which is proposed to be in force from 1st July, 2017 which is already in force on many countries around the world and they all were considering it as their sales Tax system. The GST will be the levied on the manufacture, sale and the consumption of goods and services in India. It is said to be the biggest form of reform in the indirect taxation aspect ever since 1947. The council of the GST will be headed by the Union Finance Minister that is currently Arun Jaitley. The main purpose of GST is to bring about the single tax system for the manufacture and the sale of goods at the both central and the state level in the country. The GST is mainly implemented to remove all other taxes like VAT (Value-Added Tax), Excise duty and Sales Tax. GST is the significance step in the field of indirect tax reforms in India. One tax for manufacturing, training and services.GST is termed as biggest tax reform in Indian tax structure.GST stands for “Goods and services tax”, and is proposed to be a comprehensive indirect levy on manufacture, sale and consumption of goods as well as services at the national level. The purpose of GST is to replace all these taxes with single comprehensive tax, bringing tax it all under single umbrella. The purpose is to eliminate tax on tax. The paper purpose is to highlights the impact of GST on various sectors.