Goods and Services Tax (GST) Full explanation

Goods and Services Tax (GST)

Goods and Services Tax (GST) is an indirect tax levied in India on the sale of all type of goods and services Except Petroleum products and Alcoholic drinks these are taxed separately by the individual state governments. This tax came into effect from July 1, 2017, through the implementation of one hundred and first amendment by the Government of India.

Goods and Services Tax (GST) is one indirect tax for the whole nation, which will make India one unified common market.
It is a vast reform in Indian indirect taxation, the likes of which the country has not seen since Independence.
It is a single Tax on both supply of goods as well as the supply of services
It is the system of taxation will simplify indirect taxation for both (Tax Payer and Tax collector.
It will reduce complexities of the number of Taxation because in GST will replace many types of indirect taxes ^{(shown as under)}
It will also remove the cascading effect.
It will change the way to do business in India.
It is the combination of 5 acts CGST, SGST, IGST, UTGST & CESS Act, 2017
It will have a huge impact on Indian economy and all Business (Big, Medium and Small)
Goods and Services Tax (GST) replaced existing following multiple Indirect taxes levied by the central and state governments