GST Council to review impact of GST on August 5

Goods and Services Tax (GST) was implemented from midnight of June 30, 2017. The all new tax system is going to help all from users to investors. According to an estimate, GST would boost India’s GDP growth by 1 percent to 1.5 percent.

The GST Council will review the implementation of the GST on August 5. It is necessary that review of GST would highlight GST implementation glitches as well as further guidance. It will also review tax rate with regards to any commodity highlighted by members in the meeting.

The council has clarified that there won’t be any glitches in the roll out and various steps have been taken to spread awareness about the new taxation system.

GST has subsumed 17 taxes into one, which has made GST, a good and simple tax from all aspects. This is the biggest economic reform for the country. Consumers are expected to benefit from the GST regime and depending on the feedback from various stakeholders, the GST Council will review the taxes from time to time.