How GST impacts NRIs
GST (Goods and Services Tax) is one of the hottest and most debatable topics these days that interests every resident Indians and NRIs alike. Since its announcement on July 1, 2017, the GST has become a cause of concern for everyone as it is related to the purchase of each and every commodity along with many services. Let’s go through the information about GST first before knowing more about its impact on NRIs. What is GST? Simply put, a type of tax that has replaced twenty different types of taxes, including central excise tax, services tax, and octroi, etc. levied by different departments on several good and services, are replaced by unified Goods and Service Tax aka GST. This revised update and the biggest tax reform to date has reduced all taxes up to 18% only. It has enforced the system of “one country, one law”. An interesting fact: Earlier, the taxes were calculated excluding the discounts, if any. But, GST is calculated including any discount, ...