What is GST ?

Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. … The rate of GST in India is between double to four times that levied in other countries like Singapore. But what is GST Bill and how will it reform the current tax structure? And most importantly, why does the country need such a huge overhaul in its taxation policies? We answer these pressing questions in this in-depth article.

Contents

• What is GST?
• Why is Goods and Services Tax so Important?
• How does GST work?
• Which types of Taxes levied under GST ?
• Returns to be file under GST ?
• Due dates to file GST Returns ?
• What is Input Tax Credits ?
• Summary