The Goods and Services Tax (GST) which is said to be the biggest reform in Indian history since the Independence came into effect finally. GST is being mooted for the last 14 years and finally happened today. It is expected to keep the system transparent, simple and keeps tabs on corruption.
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Economists assume that the monthly budget of the common man will come down as the most of the commodities are placed in the 18% Slab which is much lower to the Tax existing now. This new Tax Regime is expected to increase the GDP by 2% in the long run.
The major challenge for the government is that the transition to GST which may pose challenges in the first six months of the rollout. People are only hoping that the implementation would not be as bad as how the demonetization happened. But before that, say Hello to GST in the first bill you pay today.
