GST

                 Good and services tax

Introduction

Goods and services tax GST is a comprehensive, multistage destination based,indirect tax that is levied on every value addition. Objective of GST is to subsume most indirect taxes like value added tax (VAT), service tax, excise duty, custom duty, entertainment tax etc and establish a concept of one Nation one tax. President Pranab Mukherjee and Prime Minister Narendra Modi launches this tax plan on July 1st 2017 which came into effect through implementation of 101 Amendment Act of constitution of India.

Governing body of GST

GST Council having 33 members is the governing body of GST which is chaired by union Finance Minister.

How it is implemented

GST is levied at every step in the production process but is refunded to all parties in the chain of production other than final consumer.

Advantages

Some major advantages of GST is reducing the complication in tax administration, removal of cascading of taxes levied by central and state governments, improve competitiveness for the trade, cost of doing business will be low, relief in overall tax burden for consumers and help to build a transparent corruption free tax administration.

Disadvantages

Along with positive aspects some negative aspects of GST are such as increase in service tax from 15 % to 18%, increase in price of Petroleum, real estate market etc

Conclusion

GST (India's biggest tax Reform) is a Revolutionary step taken by the government of India to ameliorate the economy of nation.According to latest report introduction of GST would help India to gain 15 billion dollar every in this way GST prove to be a game changer and is beneficial not only to the people but to the country as a whole.