Goods and Service Tax(GST) in India

Goods and Service Tax(GST) in India





GST

GST

Goods and Service Tax(GST), the biggest reform in India’s indirect taxation system is likely to become a reality very soon after facing a lot of hurdles. As of now, GST deadline have been deferred to July 1, 2017. In full non-GST, there is cascading burdon of tax on tax which can be avoided using GST. At this time we have Value-Added-Tax(VAT) at central and state level.

At this time, the indirect taxation system is very complex. Many types of taxes are levied by Central and State Governments on goods and services. GST is likely to abolish all indirect taxes and only GSt would be levied. GST was first introduced during 2007-2008 budget session..

GST would be levied on the place of consumption of Goods and Services. The GST rate is not yet decided. The entire Indian market would become a unified market. Transparency and compliance will increase due to GST.

GST was first introduced in 1954 in France. Nearly 140 countries follow this tax system.






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