What is the difference between the current taxation and GST?
The GST is a very prominent tax reform in the country. It is said to replace all the Indirect taxes. It will also be applicable on prefixed slab rates and will reduce complications in the economy.
It will help to reduce the cascading effect of taxes as seen on Service Tax, Excise Duty and Customs Duty. It will reduce the complications in the calculations as many services and goods are interlinked in the production process. It is applied by the 1st of July 2017 on the value of all the Goods & Services produced in the country.