Passing of the GST bill offers quantum of promises to lift the rising Indian economy and unifying it as a single competitive market. A fresh air will be breadth into the business sectors as GST will substitute Central Excise Duty, Service tax, VAT, octroy etc. As cascading of tax will be eliminated by GST, prices will reduce and propel the GDP of India to new heights.
Foreign players that were jittery in expanding pan India owing to non-uniform tax system will find great relief and venture out to all states. Same thing goes for Make in India and Start up India as companies will get equal opportunity based in every state or region of the country.
However, various sectors currently operating in India are going to get impacted that is for sure. The industries that will benefit are Auto Media & Entertainment and Consumer Staples. Meanwhile, taxes on Banking sector, Consumer discretionary, Telecom and Pharma sector will go up and this might have some effect in consumers. Sectors like cement, metals and transportation will not see any major bearing as change in the rate of tax is minimal even after GST in these industry segments.