Monday, 12 June 2017

What is GST?

Goods and Services Tax (in short ‘GST’) is by far one of the most awaited tax reforms in the country. GST is an indirect tax throughout India to replace taxes levied by the central and state governments. Goods & Services Tax is a comprehensive, multi-stage, destination-based tax that will be levied on every value addition. It reduces taxes on manufactures, hence it increases their business and make them more competitive at national and international level. GST removes multiple taxation. VAT is applicable for goods sold and not service. Service tax takes care of services rendered. However, GST will be applicable for both goods and services, and will have a uniform pricing. In GST, Accounting will be simplified and consideration for input tax from raw materials will also become easy.
Currently, the Indian tax structure is divided into two – Direct and Indirect Taxes. Direct Taxes are levies where the liability cannot be passed on to someone else. In the case of Indirect Taxes, the liability of the tax can be passed on to someone else. 

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