India's a large service economy, and the default rate for all services/professionals is now 18%. Plus from what one is hearing, there's likely to be huge compliance needs, and the effort and the cost for the same will go up a lot.
Travel/Tourism will see a huge impact
For my business - Linger - the rooms above 5000 being taxed at 28% (up from 9% earlier, after abatement) is a crazy one - threatens the existence of the business itself. The travel industry is already reeling from the aftermath of demonetization and the liquor ban along highways, and now this.
One hopes the worst clauses that one's hearing about are mere draft proposals or speculation, and do not see light of day. Else many a small business will be unable to afford this.