Abstract
GST – Goods and Services tax is expected
to be launched from the 1st of July 2017. The
vision of Prime minister being One Nation One
tax. It is a single tax right from the suppliers of
the products to the consumers of the products
or services. The main idea behind introducing
GST is to consolidate the multiple indirect taxes
that are existing now which will help the Indian
economy by improved competitiveness for trade
and industry. The benefit of GST is to bring in
uniformity in tax structure by applying uniform
rates across the country. GST is simple to
administer by the central and state government.
Key words : Uniformity in Taxes, value
addition, Input tax credit
Introduction :
The Goods and Services Tax or GST is expected
to be launched on the 1st of July 2017 and it is set
to transform the way we execute our taxes. This
perspective is to understand the concept of GST
and how it will impact and transform the reform the
current tax structure.
We begin with the definition of Goods &
Services Tax as, it is a comprehensive, multi-stage,
destination-based tax that will be levied on every
value addition.