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GST Goods and services tax Short Notes

GST (Goods and services tax)
• Goods and Services Tax is an indirect tax used in India on the supply of goods and 
services. It is a comprehensive, multistage, destination-based tax: comprehensive 
because it has subsumed almost all the indirect taxes except a few state taxes.
• Goods and Service Tax (GST) is levied on the supply of goods and services. Goods 
and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax 
that is levied on every value addition. GST is a single domestic indirect tax law for 
the entire country.
Objectives Of GST
• To achieve the ideology of ‘One Nation, One Tax’
 GST has replaced multiple indirect taxes, which were existing under the 
previous tax regime. The advantage of having one single tax means every state 
follows the same rate for a particular product or service. Tax administration is 
easier with the Central Government deciding the rates and policies. Common 
laws can be introduced, such as e-way bills for goods transport and e-invoicing 
for transaction reporting. Tax compliance is also better as taxpayers are not 
bogged down with multiple return forms and deadlines. Overall, it’s a unified 
system of indirect tax compliance.
• To subsume a majority of the indirect taxes in India
 India had several erstwhile indirect taxes such as service tax, Value Added Tax 
(VAT), Central Excise, etc., which used to be levied at multiple supply chain 
stages. Some taxes were governed by the states and some by the Centre. There 
was no unified and centralised tax on both goods and services.
• To eliminate the cascading effect of taxes
 One of the primary objectives of GST was to remove the cascading effect of 
taxes. Previously, due to different indirect tax laws, taxpayers could not set off 
the tax credits of one tax against the other. For example, the excise duties paid 
during manufacture could not be set off against the VAT payable during the 
sale.
• To curb tax evasion
 GST laws in India are far more stringent compared to any of the erstwhile 
indirect tax laws. Under GST, taxpayers can claim an input tax credit only on 
invoices uploaded by their respective suppliers. 
• To increase the taxpayer base
 GST has helped in widening the tax base in India. Previously, each of the tax 
laws had a different threshold limit for registration based on turnover. 
• Online procedures for ease of doing business
 Previously, taxpayers faced a lot of hardships dealing with different tax 
authorities under each tax law. Besides, while return filing was online, most of 
the assessment and refund procedures took place offline. Now, GST procedures 
are carried out almost entirely online.
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