Goods and Services Tax (GST)
Home > Goods and Services Tax (GST)

Goods and Services Tax (GST)

Goods and Service Tax (GST)

The Goods and Service Tax Act introduced on 1st July 2017 is the single biggest tax reform in the independent India to ease compliance and also to boost the ease of doing business.

It replaces and subsumes all indirect taxes and creates a one nation one tax market. Effective 1st July 2017, the following indirect taxes are subsumed into GST:

1. Central sales tax (CST)

2. Central VAT (CENVAT)

3. State VAT (VAT)

4. Service tax (ST)

5. Octroi/ Entry tax

6. Lottery tax

7. Special additional duty of customs

8. Additional excise duty

9. Countervailing duty

10. Entertainment tax

11. Central excise duty

12. Purchase tax

Advantages of the introduction of GST can broadly be summarized as under:

To Citizens:

Simpler tax system

Reduction in prices of goods and services due to elimination of cascading

Uniform prices throughout the country

Transparency in taxation system

Increase in employment opportunities

Trade/Industry:

Reduction in multiplicity of taxes

Mitigation of cascading/double taxation

More efficient neutralization of taxes especially for exports

Development of common national market

Simpler tax regime-fewer rates and exemptions

GST Resources

Stay Connected

  • Facebook
  • Twitter
  • Youtube
  • rss feed
Ministry of External Affairs
Ministry of Commerce
Ministry of Culture
consular_services
nri_voting_rights
pio
dd news
indian_council
pbd-india
yoga-certification
Track-your-roots
map
TVOA
Register
Emergency Visas
MADAD
24x7
Scholarship Program For Diaspora Children
Right to Information
Switch global expo
Toursim_investors
India_Steel_2017
India Gaming Show-2017
HEALTH TECH INDIA
PRAVASI BHARATIYA DIVAS