Goods and Service Tax

The current indirect tax regime in India provides a highly complex tax environment due to multiplicity of taxes, convoluted compliance obligations, tax cascading and extensive litigation. GST is the single biggest tax reform in India, a comprehensive consumption tax to be levied on the supply of all goods and services, thereby providing a stable economic environment favorable for growth and development. GST is a destination based tax regime. There would be dual GST model in India. Both Centre and States will simultaneously levy GST across the value chain. GST would be levied on supply of goods and services. Centre and State would levy and collect CGST and SGST respectively. Further, the Centre would levy and collect the Integrated Goods and Services Tax (IGST) on all inter-State supply of goods and services. GST is expected to simplify and harmonize the indirect tax regime in the country. It is expected to reduce cost of production and inflation in the economy, thereby making the Indian trade and industry more competitive, domestically as well as internationally.

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