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In Pics Everything you need to know about Goods and Services Tax GST

The Goods and Services Tax or GST is scheduled to be launched on the 1st of July, and it is set to revolutionise the way we do our taxes. But what is GST and how will it reform the current tax structure? Let us try and analyse this issue through an understanding of GST. GST will simplify a web of taxes, regulations and border levies by subsuming an array of central and state levies including excise duty, service tax and VAT. It is being dubbed as the most significant economic reform since BJP government came to power in 2014 and is expected to add as much as 2 percentage points to the GDP growth rate.

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Prakhar Sharma
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In Pics: Everything you need to know about Goods and Services Tax GST

The Goods and Services Tax or GST is scheduled to be launched on the 1st of July, and it is set to revolutionise the way we do our taxes. But what is GST and how will it reform the current tax structure? Let us try and analyse this issue through an understanding of GST. GST will simplify a web of taxes, regulations and border levies by subsuming an array of central and state levies including excise duty, service tax and VAT.It is being dubbed as the most significant economic reform since BJP government came to power in 2014 and is expected to add as much as 2 percentage points to the GDP growth rate.

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In Pics: Everything you need to know about Goods and Services Tax GST

What are the Transition Provisions under the GST Law.

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In Pics: Everything you need to know about Goods and Services Tax GST

GST gives big relief to small traders/manufacturers/restaurants.

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In Pics: Everything you need to know about Goods and Services Tax GST

Reduced Tax Liabilities under GST regime in comparison to present combined Indirect Taxes Rates. Milk products, Spices, nuts etc.

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In Pics: Everything you need to know about Goods and Services Tax GST

Single Tax under GST will bring down prices of most household items.

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In Pics: Everything you need to know about Goods and Services Tax GST

At Central level, the following taxes will be subsumed under GST.

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In Pics: Everything you need to know about Goods and Services Tax GST

Check out how GST would benefit the common man.

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In Pics: Everything you need to know about Goods and Services Tax GST

GST will give an impetus to the economy and facilitate trade and industry. 

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In Pics: Everything you need to know about Goods and Services Tax GST

Low tax rates, more public welfare under GST.

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In Pics: Everything you need to know about Goods and Services Tax GST

GST - One Tax Multiple Benefits.

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In Pics: Everything you need to know about Goods and Services Tax GST

GST - Driving Indian Economy forward.