WHAT GST IS?
WHAT GST IS? The form of G.S.T as everyone knows is Goods and Service tax. Still there are questions lurking inside exactly how does this work. So let us ponder over this recurring phenomenon which has gripped us all. The implementation of this tax was made on 1 st of July. But the whole idea of Goods and Service Tax was flagged originally in the year 2000 when Atal Bihari Vajpayee actually bought up the matter. The first country to view the effects of G.S.T however was France. The main motive for implementation of this tax system was to ease the trade and industry sector with only one ‘indirect” tax being paid and the rest being subsumed under G.S.T. For example, earlier the manufacturing of any product saw the implementation of Excise Duty and the VAT. Now with the G.S.T being implemented tax will be levied at every scale, which means every sector employed to do any work would get the required remuneration. Now that a somewhat clear definition of...