What Is Goods and Services Tax

Goods and Services Tax or GST is an indirect tax that is expected to change or revive the fortunes of the Indian economy.

It is a value added tax and will replace all indirect taxes levied on goods and services by the Indian Central and State governments. It is aimed at being comprehensive for most goods and services.

Exports will be zero-rated and imports will be levied the same taxes as domestic goods and services adhering to the destination principle.




How will GST help?

A comprehensive tax regime, GST according to most analysts has the capability to be a boost for economic growth.

Tax structure will change by redistributing the burden of taxation equitably between manufacturing and services.

Tax rates are expected to reduce as the tax base will broaden and exemptions minimized, hence reducing distortions.

The aim of GST is to promote a common market across the country and reduce compliance costs. Tax collections are expected to increase at both the centre and state levels. [Via]

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