Goods and Services Tax and its Impact
Goods and Services Tax and its Impact The Indirect Tax system of India is incredibly complex because of the numerous types of taxes levied by the Governments both center and state on Goods and Services. For example Entertainment Tax for watching a film, Value Added Tax (VAT) for purchasing goods & services by the consumer. Taxes such as excise and import Duties, Luxury, Central Sales, Service and Entry Tax are few other taxes in the list.The Goods and Services Tax is a massive reform in indirect tax structure in Indian taxation system. Many experts have therefore proposed that to resolve the problems of increased taxes it is required to streamline all indirect taxes and implement a “single taxation” system. This system is entitled to Goods and Services Tax or GST. This GST will be tolled both on Goods and Services. In simple terms, GST is a tax that people need to pay while supplying or providing of goods & services. The suggested GST model: A twin GST system is catalo