- Tax, Goods,Services etc.
Abstract
India has chosen the Canadian model of dual GST. For the past 70 years, India‘s
economy has been funded by invisible money. Elected representatives, governments, political
parties, and the election commission completely failed in checking it. The big thing that
people have not seen from a data perspective is - the recent launch of the goods and services
tax. A lot of focus has been on the challenges, but actually it is a fantastic data issue. For the
first time eight million businesses will be digitally recorded in a central tax database.In the
GST system, taxes for both Centre and State will be collected at the point of sale. Both will
be charged on the manufacturing cost. Individuals will be benefited by this as prices are
likely to come down and lower prices and more consumption more production, thereby
helpinginthegrowthofthecompanies.