GST can lead to a formalisation of the workforce

Finally, GST is a reality. It took 17 years after inputs from four central governments, over 100 state governments, various committees, numerous discussions and a marathon seven hours debate in the Lok Sabha last week. The new indirect tax regime is all set to take over from July 1, 2017. GST is simplification of the existing indirect taxes by subsuming them into four bands of 5%, 12%, 18% and 28%…