GST to apply from 30 June 2017 midnight
The new era of taxation
As GST is going to be imposed , so it is the final time to know WHAT IS GST ALL ABOUT?
The goods and services tax (GST) regime is going to be kicked in with Narendra Modi style. A special session of Parliament, all chief ministers in attendance, a gong going off at midnight.
GST is a destination-based tax levied on consumption, which replaces all other indirect taxes(VAT, swaach bharat cess). The tax is levied and paid when a consumer buys something. The tax is levied on every transaction in the supply of goods and services, barring certain exempted items. The tax levied at one stage can be set off or deducted from the tax to be paid at the next stage.