Despite numerous representations, the Indian banking industry will be saddled with tedious compliance requirements under GST.
Restaurants are currently saddled with both service tax and VAT on sale of food. GST will subsume service tax and VAT. But it may have a uphill task of classifying transactions as a supply of service or as supply of goods.
Ancient India was renowned for its opulent and boisterous structures that hosted the great empires of its time. Modern India has done its equal share in making the rich and the wealthy of our country feel like royalty. Let’s see how GST will impact them.