The GST is heralded as the biggest tax reform since independence, reforming the Indian taxation system through implementing a single tax on the supply of goods and services, replacing all the direct and indirect taxes currently implemented by the central Government and States. Overall, it is expected that the GST will have far reaching implications on businesses and production in India through changing India’s tax: structure, incidence, computation, payments, compliance, credit utilization and reporting. It is expected that this tax reform will increase economic growth rates and will broadly have beneficial impacts on the Indian economy through supporting the development of a common Indian market, reductions in logistics and transaction costs, improving compliance and broadening the tax base, and reducing the cascading effect of tax on the cost of goods and services.
How will the GST impact the production of and trade in agricultural commodities?
How will the GST impact agricultural producers?