GST stands for Goods and Services Tax, and its introduction in 2017 was a watershed in the history of Indian finance and economy. It took one and half a decade to come into existence since the task force (set by the former Prime Minister AB Vajpayee in 2003) mooted the idea of unification of a plethora of indirect taxes that were prevalent in India then. However, after prolonged deliberation and enactment, GST was rolled out on 1 July 2017 by Honourable Prime Minister Narendra Modi in the presence of Shri. Pranab Mukherjee, the then President of India in a mid-night function at the Central Hall of Parliament of India. Thus, the idea “One Nation, One Tax” is fulfilled.
Characteristics of GST
Goods and Services Tax is a multifaceted, and it is comprehensive destination-based taxation where tax is levied only on the value addition of every stage of goods and services. Register for a FREE trial or upgrade to Basic Plan to unlock this content!This content is locked
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