SIMPLIFIED APPROACH TO GST

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Goods & Services Tax (GST), India’s most ambitious indirect tax reform has been rolled out from 1st July 2017. Further, from 8th July 2017 the applicability of GST has been extended to the State of Jammu & Kashmir also(In the earlier tax regime, service tax was not extended to Jammu and Kashmir). Implementation of GST is a path breaking step in the field of indirect tax reform in India. GST has subsumed multiple indirect taxes levied at the central and state levels, like excise duty, service tax, VAT,CST, luxury tax, entertainment tax, entry tax etc. By amalgamating a large number of Central and State taxes into a single tax, it will mitigate cascading or double taxation in a major way and pave the way for a common national market by removing the inter-state trade barrier, facilitate ease of doing business & will improve India’s global perception.