What is GST and Why Does It Matter?
The Goods and Services Tax (GST) is one of the most significant reforms in India’s taxation system. Launched on July 1, 2017, GST simplified how taxes are collected and paid in the country. If you’ve ever wondered what GST is and why it matters, this guide will help you understand the basics. We’ll also discuss how GST registration consultants in Gurgaon, Delhi, and Noida can assist businesses in navigating this tax system. What is GST? GST is a single tax applied to the supply of goods and services across India. It replaced several indirect taxes like VAT, excise duty, and service tax. GST is designed to: Simplify the tax structure Eliminate the cascading effect of taxes (tax on tax) Create a unified national market It’s a consumption-based tax, meaning it is collected at the point of sale or consumption, not at the point of origin. Key Features of GST Dual Tax System : GST has two components: Central GST (CGST) : Collected by the central government State GST (SGST) or Union Territor...