What is Goods and services tax? Goods and services tax (GST) is a consumption-based tax ultimately borne by the end consumer of goods or service. Businesses and consumers pay GST on their purchases throughout the value chain. It was passed in Parliament on 29th March 2017 but the Act came into effect on 1st July 2017 in India. [...]
What is GST? All you need to know about Good and Services Tax July 1, 2017 was a day that brought waves of change in the taxation system of India with the introduction of the Goods and Services Tax. Let' look at what GST is, and how it has changed the the way goods and services are taxed in India.
GST: A Brief History An idea to reform the tax structure in India took birth in the year 2000 with the efforts of an Empowered Committee(EC) under the Late Shri Atal Bihari Vajpayee. In accordance with this, a GST bill was introduced in the year 2009 but the UPA government at that point of time failed [...]