Here’s how common man, corporates are going to benefit from GST

Finally, after a long wait and much coaxing by the Prime Minister Narendra Modi-led Indian Government, the Rajya Sabha passed the constitutional amendment and soon Goods and Services Tax (GST) will turn into a reality.

The GST, once implemented, will bring all states and people of India under one tax regime and reduce our time for calculating tax for different states and expedite movement of goods and services.

All in all, the GST is one of the significant reforms that will simplify and unify the tax structure of India.

The much-awaited GST, which will be implemented from April 1, 2017, is expected to make our lives easier as it will eradicate 17 indirect taxes and also give a boost to our Indian economy, manufacturing sector as well as many states.

The Indian economy will also get a major push as many economists have predicted a 1.5-2 percent boost for the country’s GDP.

Apart from manufacturing sector, logistics, warehousing, even the common man will benefit from the amendment. Corporates are also going to benefit from the GST is numerous ways.

Here’s a list of sectors that will benefit from GST