Impact of gst on common man

Abstract

Goods And Services Tax (gst), hailed as one of the most powerful tax reforms which india has ever seen, purports to do away with the multiple tax regulations on most of the goods and services. gst would change the current tax regime of production-based taxation to a consumption-based system. there is no doubt that the corporates would benefit once the gst has been rolled out. however, the advantages to the common man are still speculative. we hope that the end consumer would also reap the benefits of the new tax regime, once the business houses have transitioned completely to the new tax structure and start to pass on the benefitsto the average indian. the proposed date for gst implementation is the 1st of july 2017.