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What is GST? What is GST?

What is GST?

Goods and Services Tax (GST) is the accumulation of prevailing Central and State taxesin India into a single tax. It is biggest and most significant reformation of Indian Indirect Tax Structure till date. GST will mitigate the cascading or double taxation of present taxation, facilitating a common national market. Goods and Services Tax would be a comprehensive indirect tax on Manufacture, Sale and Consumption of goods and services throughout India, replacing various taxes levied by the Central and State governments.

Features of GST

  • It will be a Destination based & Multipoint tax and not the Origin based tax
  • Intra-State supplies of goods & services are liable to CGST & SGST on identical Tax Base

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Roadway to GST