GST Concept and Status

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GST – CONCEPT & STATUS
Updated as on 01st March 2018

INTRODUCTION:

The introduction of Goods and Services Tax on 1st of July 2017 was a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, the aim was to mitigate cascading or double taxation in a major way and pave the way for a common national market. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which was estimated to be around 25%-30%. Introduction of GST would
also make Indian products competitive in the domestic and international markets. Studies show that this would have a positive impact on economic growth. Last but not the least, this tax, because of its transparent and selfpolicing character, would be easier to administer.

Download the whole PDF of CBEC HERE 

Source : http://www.cbec.gov.in – Dated : 01.03.2018

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