One of the most notable tax changes that have been introduced in India is Goods and Services Tax (GST). GST, installed in the process of streamlining the indirect tax system, has changed the way business is conducted, taxes paid and business developed. Without considering whether you are a startup, a small business owner, or an established enterprise, it is important to know about GST to run a smooth-operating business that maintains legality. This blog offers a valuable but concise description of GST in India in terms of its concept, structure, tax rates, and benefits. What is GST? Understanding of the Concept Goods and services tax or GST is a tax that is multi stage, destination based and inclusive of goods and services provided. It superseded several indirect taxes which include VAT, Service Tax, Excise Duty among others that led to a single unified tax system. The essence of GST is to do away with cascading effect of taxation (tax on tax) and to establish a transparent, ef...
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