GST (Goods and Services Tax) in India
G oods and Service Tax (GST) is a comprehensive tax levy on the manufacture, sale, and consumption of goods and services at a national level under which no distinction is made between goods and services for levying of the tax. GST will be levied on all transactions such as the sale, transfer, purchase, barter, lease, or import of goods and/or services . It will mostly substitute all indirect taxes levied on goods and services by the Central and State governments in India. When GST (goods or services tax) rolls out on 1 July 2017, it will be the biggest tax reform since Independence. GST will subsume a large number of central and state taxes into a single tax, paving the way for a common national market. Some of the following taxes will be bound together by the GST: Central Excise Duty Commercial Tax Value Added Tax (VAT) Food Tax Central Sales Tax (CST) Octroi Entertainment Tax Entry Tax Purchase Tax Luxury Tax Advert...