Goods and Services Tax (GST) is an indirect tax reform which aims to remove tax barriers between states and create a single market. It is a tax levied on goods and services with value addition at each stage having comprehensive and continuous chain of set of benefits from the producers / service providers point up to the retailers level where only the final consumer should bear the tax.
Tax automation will be critical to meeting regulatory requirements under Goods and Service Tax (GST). The high level of synchronization that will be required between the taxpayers system and the GST Network (GSTN) system will be very difficult to achieve without automation.
Goods and Services Tax (GST), the new direct tax system which the government plans to roll out from July 1, 2017 will make India one unified market and will bundle various state and central taxes under it.
With the GST bill approved by the President and the GST council busy finalizing the rules and regulations, all existing businesses registered under central excise, service tax or VAT need to register under GST using an online registration process.
GST is a tax on goods and service having a comprehensive and continuous chain of set off benefits starting from the producers and service providers up till the retailers level. It is essentially a tax charged only on value addition at each stage.