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Goods and Service Tax could be effective from April 1, 2016

May 28, 2015, 02:12 PM IST by Pratheek Kunder
Goods and Service Tax could be effective from April 1, 2016

The Finance Minister of India has indicated that the famous Goods and Service tax (GST) could come into force from April 1,  2016. This was announced during a function organised on the occasion of the completion of one year of the new government.

GST will replace all the indirect taxes levied on goods and services by the Central and State governments with a single nationwide sales tax. Car and two-wheelers manufacturers are one of the biggest victims of so many indirect taxes. Tax greatly drives up the cost of buying a car in India. By the time a new car is driven out of a showroom, the buyer has paid taxes that equal about 50 per cent of the vehicle's basic price.

With the introduction of GST, the prices of cars are bound to come down but more importantly, there will be a unified taxation for all kinds of cars across the country. Not only this, there will be a marginal increase in overall GDP that will impact the rate of growth of India. Unfortunately, GST will need the support of two-thirds of both houses of parliament, and the BJP does not hold a majority in the upper house.

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