Goods and Services Tax Law is a value added Tax levied on the supply of goods and services for the entire country, and it replaced many indirect tax laws that existed prior to its launch in March 2017. It came into effect in July 2017, and directly impacted the cost of goods. GST rates are determined by GST council and are aimed to reduce the tax burden on the common man.
6. Demonetization
Announced on 8th November 2016, the Indian Government declared the demonetization of all Rs 500 and Rs 1000 banknotes, leaving the country scrambling to deposit these notes in their Bank accounts and reeling with the after effects of demonetization. Demonetization was aimed to reduce the Black Money menace, to encourage digitization of all financial transactions across the country, reduce illegal and terrorist activities, reduce money laundering, mitigate in Tax payment and aid in Prime Minister’s Jan Dhan Yojna.