Goods and Service Tax

Goods and Services Tax (GST) is a successor to VAT used in India on the supply of goods and services. GST is a digitalized form of VAT, where  we can  track the goods & services. Both VAT and GST have the same taxation slabs. It is a comprehensive, multistage, destination based tax comprehensive,  because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged  as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes.  The tax rates, rules and regulations are governed by the GST Council, which consists of the finance ministers of the central government and all the states.

GST in India  is  a significant  step in the field  of indirect  tax reforms.  By  amalgamating  a  large number of Central  and State  taxes into  a single  tax, it would mitigate  cascading or  double taxation in major way  and pave the way for a common  national market.   From  the  consumer  point  of view,  the biggest  advantage will be in terms  of  reduction  in the  overall tax  burden on Goods  and Services.  it  will have  a  boosting  impact  on  the  economic growth. This  tax because of  its  transparency and  self  policing  character,  would  be easier  to administer.

The researcher is carried out the research based on the  secondary  data collected from the different sources of information like websites, journals, articles etc. Thus, this research paper covers and analyze  GST different slabs for collection of  taxes applies on several  items and study the Objectives, Benefits , GST tax rate structure and GST Registration.