GST-Dawn of a new era

India finally embraces GST on 1 July, 2017. This is a momentous occasion as GST is perhaps the most significant and complex economic reform undertaken in the history of independent India.

GST is a value-added tax levied at the point of consumption on all supplies of goods and services within the economy, wherein both Union and State Governments would tax the transactions. GST is set to replace most of the existing indirect taxes levied on goods and services and is expected to bring in uniformity, consistency and simplicity in the Indirect tax regime, thereby leading to reduction in the compliance costs.