GST is indirect tax which has replaced many indirect taxes in Inda such as excise duty,VAT and services tax etc. came into effect on 1st July 2017. The reform touted as a "game changer" and the "reform of the century."
Benefits of GST:
GST is a win win situation for the entire country. It brings benefit to all stakeholders of industry, government and the consumers. It will lower the cost of goods and services,give a boost to the econonomy and make the product and services globally competitive.
GST aims to make India a common market with common tax rates & procedures and remove the economic barrior. Thus paving the way for an integrated economy at the national level.
GST is largely technology driven. It will reduce the human interface to a great extent and this would lead to speedy decision.
