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GST

We had a multitude of taxes across the country. One country had multiple tax rates and multiple rules. Often, the producers ended up paying more and so did the consumers. This will all change with the advent of GST. With GST, there will be one tax rate in the entire country.

GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. GST will ensure that indirect tax rates and structures are common across the country, thereby increasing certainty and ease of doing business. A system of seamless tax-credits throughout the value-chain, and across boundaries of States, would ensure that there is minimal cascading of taxes. The subsuming of major Central and State taxes in GST, complete and comprehensive set-off of input goods and services and phasing out of Central Sales Tax (CST) would reduce the cost of locally manufactured goods and services. This will increase the competitiveness of Indian goods and services in the international market and give boost to Indian exports. Because of efficiency gains and prevention of leakages, the overall tax burden on most commodities will come down, which will benefit consumers.