Economy

What is GST and Why it is need for Goods and Services Tax implementation in Present Scenario?

Posted on
GST

Goods And Services Tax (GST) is the biggest reform in India’s indirect tax structure rather we can say that the biggest business reform in India since Independence. GST is expected to bring together state economies and improve overall economic growth of the nation. What is GST¹? GST is a Value added Tax (VAT) is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by the Indian Central and state governments. Why GST in Present Scenario? – There is no uniformity of tax rates and structure across States. – There is cascading of taxes due to […]