CHAPTER 23
Goods and Service Tax (GST)
GST stands for Goods and Services Tax, and is implemented w.e.f. 1 July 2017, to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level.
All the taxes were merged into one tax except basic custom duty and was called Goods and Services Tax.
23.1 WHAT IS GST?
GST is the biggest tax reform in the era of Indian indirect taxation, wherein the following various indirect taxes subsume (Table 23.1).
Table 23.1 Table indicating taxes subsume—central and stage taxes
GST is the single taxation system in India which helps eliminate time, cost ...
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