On the midnight of June 30, India began its tryst with the historic Goods and Services Tax (GST) – an indirect tax reform that will transform the way we sell and consume goods and services.
GST will consolidate under its four-tiered tax structure, a host of other levies to hopefully provide the nation with ‘one tax’. It is being hailed as the ‘biggest tax reform since Independence by luminaries and experts.
As consumers, we avail various services in our day to day lives – from railways to hotels, from learning various cultural activities to flying by air. Since GST will subsume taxes like service tax, VAT, some cesses, there will be a marked difference in the way we will avail these services.
Let’s take a look at the GST rates on a few important services: