Things You Should Know About GST:
At the stroke of midnight on June 30, 2017, our nation witnessed the biggest reform when we talk about the tax structure since the 1990s. The GST tax is the unified indirect tax to remove the old, redundant, and complex tax structure. As its notion says ‘One Nation, One Market, One Tax’, it’s indicative of the fact that how this tax reform will clear all the complexity of the various indirect taxes levied at the goods and services at various stages by both state and central government. The purpose of GST is to enable a centralized indirect tax structure across the country so that there would be transparency in the tax structure that wasn’t present in the previous tax structure and filled with various kinds of unnecessary taxes. GST will help remove the current tax structure in which both the state and central government take taxes separately on the final value of good at each stage. Instead, GST will be charged at each stage on the value-added on it with the proper set-off...