What is GST?
Goods and Service Tax (GST) Bill (122nd Constitutional Amendment Bill), which is considered as a biggest indirect tax reform in independent India’s history, was passed by the Rajya Sabha with support from all major political parties except AIADMK.
GST will convert the country into unified common market, replacing most indirect taxes with one tax. GST (Goods and Services Tax) is an indirect tax levied when a consumer buys a good or service. India’s current tax scenario is riddled with various indirect taxes which the GST aims to subsume with a single pan India comprehensive tax, by bringing all such taxes under a single umbrella.
No comments:
Post a Comment