A Study on Understanding Goods and Service Tax (GST) and its Significance

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.