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GST stands for Goods and Service Tax. It is a kind of tax imposed on sale, manufacturing and usage of goods and services. Goods and Service Tax is applied on services and goods at a national level with a purpose of achieving overall economic growth. GST is particularly designed to replace the indirect taxes imposed on goods and services by the Centre and States.

GST proposes to abolish the varying levels of taxation between States, and consider the country as a single whole organism when it comes to taxes on goods and services instead of as a segmented creature. All the sundry taxes will be clubbed into just 2 levels – Central GST and State GST. What a trader will essentially be able to do is claim a refund on the taxes already paid at different stages of value addition. The consumer who buys the product will have to pay only the GST charged by the last dealer in the supply chain, as everyone else would have the opportunity to set-off the taxes paid at the previous stages. If we take the example above under the GST system, the Cenvat on manufacturing the dress and the taxes paid on dyes and buttons can be offset at each level, thereby considerably reducing the total taxes paid.

GST will also prevent the multiple taxation occurring on certain goods, and ensure transparency with regards to the rate of taxation and the total amount that goes to the government as taxes on a product. Currently, a consumer is not aware of the total amount of taxes s/he pays for a product, apart from VAT which is mentioned on the bill.
Here’s a list of taxes that the GST will likely replace:

internet website designersCesses and surcharges related to supply of goods or services
internet website designersCentral Excise Duty
internet website designersExcise Duties on medicinal and toilet preparations
internet website designersAdditional Excise Duties on textiles and textile products
internet website designersAdditional Excise Duties on goods of special importance
internet website designersAdditional Customs Duties (CVD)
internet website designersSpecial Additional Duty of Customs (SAD)
Advantages of GST:
internet website designersThis is a federal law, which means that the states will no longer have the right to make new laws on taxation towards goods and services.
internet website designersIt simplifies the tax system and makes it easier to understand as well as cheaper to implement at various levels.
internet website designersTax evasion at various stages will be eliminated as tax offsets can be collected only if taxes have been paid originally. You will also be able to buy raw materials or constituent materials for production only from those who have paid taxes, in order to claim benefits.
internet website designersIt will be cheaper to buy input goods and services for production from other states.
internet website designersThe current supply and distribution chain may undergo a change with a change in taxation system that does away with excise and customs duties.
internet website designersThe consumer will get the end-product at cheaper rates because of elimination of multiple taxes and the tax cascade.
internet website designersAs of now, petroleum and petroleum products have been kept out of the GST regime until further notice.
internet website designersSale of newspapers and advertisements are also likely to fall under the GST regime, allowing the government to increase its revenue considerably.
internet website designersWhile there will be central GST and state GST, the tax applicable on goods and services being exported and imported between states in India would fall under an Integrated GST (IGST) system in order to avoid conflict of dominion.
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