IMPACT OF GST ON SMALL SCALE INDUSTRIES (THANE REGION)

GST (Goods and service tax) is major tax reform, in indirect tax structure of India since Independence. It was designed to provide the support and enhancing the economic growth of India. The idea to set up GST in India was developed by Atal Bihari Vajpayee government in 2000, but the establishment of GST is not so simple as it came into force on July 1, 2017 after so many amendments in it. Prior to this date, the system to collect indirect tax is as complex as there are different heads of Indirect taxes but GST introduces the system which unifies 17 heads of Indirect taxes into one single head. At present, taxes are levied on the goods and services by the GST upon the Education sector of India. GST will change the tax architecture between state & centre. This paper is designed to provide an overview of the impact of GST on insurance industry as well as policyholders. This paper is made using exploratory research methodology using secondary data. The study lends information that the insurance industry is also not going to remain untouched from its impact. It will certainly be going to have an impact on the insurance industry as well as policy holders.