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What is GST? Goods & Services Tax Law Explained for Beginners T he Goods and Services Tax or GST is scheduled to be launched on the 1st of July, and it is set to revolutionize the way we do our taxes. But what is GST and how will it reform the current tax structure? And most importantly, why does the country need such a huge overhaul in its taxation policies? We answer these pressing questions in this in-depth article. Contents What is GST? Why is Goods and Services Tax so Important? How does GST work? How will GST help India and common man? GST Law in India – A Detailed History Summary What is GST? Goods & Services Tax is a comprehensive , multi-stage , destination-based tax that will be levied on every value addition . To understand this, we need to understand the concepts under this definition. Let us start with the term ‘Multi-stage’. Now, there are multiple steps an item ...
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