Goods and Services Tax (GST) came into effect from 1st July 2017. The tax net is wider under GST as compared to the previous tax laws. Sectors like textile and logistics have become more organized than before. The introduction of E-way Bill from 1st April 2018 will also lead to organizational level reforms. GST has an impact on not only the way one pays taxes but also the manner of conducting business operations. One of the factors that has a major impact on many industries is Input Tax Credit. Although the policy makers believed that GST will simplify doing business in India, its effect is diverse.
While some sectors are flourishing under GST, others are struggling with the compliance.