Author: Dr. Arun Mondal
Abstract: Goods and Service Tax (GST) comprises of Central GST, State GST, Union Territory GST, Integrated GST. GST 1.0 was based on four slabs of i.e. 5%, 12%, 18% and 28%. GST 2.0 is based on three slabs i.e. 5%, 18% and 40%. GST 2.0 is more consumer oriented than GST 1.0. GST has changed the indirect tax structure of India. GST 2.0 has remarkable impact on various sectors such as textile sector, food sector, education sector. Many urban consumers have inadequate knowledge on GST 2.0. Small businessmen suffer to understand the rules and regulations of GST 2.0. The purchasing capacity of urban consumers have enhanced due to lower rates of GST 2.0, life and health insurance premiums are exempted from tax under GST 2.0. GST 2.0 has significant impact on the consumption pattern of urban consumers. The study is based on primary and secondary data. Primary data has been collected from urban consumers in West Bengal. Secondary data has been collected for journal articles. In this paper, an attempt has been made to find out the impact of GST 2.0 on urban consumers.
