What is GST?

Goods and Services Tax (GST) is the accumulation of prevailing Central and State taxes in 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

GST or Goods and Services Tax is a comprehensive tax applicable on goods & services, which will flow against the present tax structure of multi-level taxation. GST, will subsume central indirect taxes like excise duty, countervailing duty and service tax, and state levies like value added tax, octroi and entry tax, luxury tax etc. It will be a Destination based & Multipoint tax and not the Origin based tax.