GOODS AND SERVICES TAX AND ITS IMPACT ON SELECTED INDUSTRY IN INDIA

GST is, perhaps, the most significant tax reform in the history of independent India. It is expected to streamline the current complicated indirect tax structure in the country. It offers many advantages over the current system such as elimination of cascading effect of taxes, seamless credit for tax on input, significantly lower tax compliance etc. This article discusses the concept of GST, the model of GST being implemented in India, and the impact on selected industry in the country. The article is important as GST is expected to be operational from July 1, 2017 and understanding the provisions of the legislation and the impact of the provisions of the businesses is critical for all the sectors and industry. The article discusses the impact on five such sectors viz. Retail, logistics, realty, FMCG, and e-commerce.