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GST is a major policy reform in the indirect tax regime. The Goods and Services Tax has revolutionized the Indian taxation system. The GST Act was passed in the Lok Sabha on 29th March, 2017, and came into effect from 1st July, 2017.
Goods & Services Tax Law in India is a comprehensive, multi stage, destination based tax that will be levied on every value addition.
In simple words, GST is an indirect tax levied on the supply of goods and services. GST Law has replaced many indirect tax laws that previously existed in India.
Under the GST regime, tax will be levied at every point of sale.
Now let us try to understand “GST is a comprehensive, multi stage, destination based tax that will be levied on every value addition.”