The path of one country and one tax is slowly becoming clearer. Four bills related to GST have been passed from the Lok Sabha on Wednesday. Now the Government expects that the goal of implementing GST from July 1 in the country will be fulfilled. PM Modi has greeted the people of the country by tweeting The PM said, "Congratulations to all the nationals on passing the GST bill. New year, new law, new India!
What will happen if GST is implemented?After the GST is implemented, there will be a single tax in the whole country, now different states have different taxation arrangements. After the GST is implemented, indirect taxes, such as excise duty, service tax and VAT from the Center, will be united by the Center. It is not yet determined how much tax will be charged for different goods but it is decided what will be the tax slab. According to five, twelve, eighteen and twenty-eight percent, there will be tax on different goods and services.
What are the four bill passed from the Lok Sabha and what will they have?