How will GST change the taxation system in India?
GST is replacing a long list of taxes from both Central and State Government. The list of taxes under center government includes excise duty, service tax, surcharges and cess while state government include value added tax, sales tax, entry tax, purchase tax, luxury tax and all other surcharges.
The new bills may not have such long list of taxes on them and will end up by charging a single figure at the end. GST will benefit the way business is done in India as complex calculations will get replaced with simple ones through the new tax structure.