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Good and Services Tax (GST): All you need to know about the most important tax reform in India in 25 years

Posted on 04 August 2016

The long-awaited Good and Services Tax (GST) Bill was deliberated in Rajya Sabha (Upper House of the Parliament) on Wednesday. This Bill is the 122nd Constitutional Amendment and will have to be passed by both the houses of the Parliament with a two-third majority. Its is being hailed as the most important tax reform in the country since 1991. The government argues that the passage of GST would add up to 2 per cent to the economic growth.
GST is based on the same principles as the Value Added Tax (VAT). It is a consumption-based tax, which means instead of being imposed at the point of manufacture, it will be imposed at the point of consumption. Moreover, it does not differentiate between goods and services………………………………………..Full Article: Source


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