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Blaw Workshop Thirupathi
Blaw Workshop Thirupathi
Department of Management
Implemented on July 1, 2017, the Goods and Services Tax (GST) in India revolutionized the
nation's indirect tax structure, consolidating multiple taxes into a unified framework. GST
subsumed Central Excise Duty, Additional Excise Duty, VAT, CST, Service Tax, Entertainment
Tax, taxes on lottery, betting, and gambling, and SAD. However, BCD on imports and taxes on
Petroleum Products remained outside GST's scope.
Businesses receive a unique 15-character GSTIN for compliance, aiding in tracking and
monitoring tax transactions. GST encompasses CGST, SGST, IGST for interstate transactions,
and UTGST.
The Reverse Charge Mechanism enhances tax compliance, making the recipient liable to pay
GST instead of the supplier, thereby broadening tax coverage.
Operating as an indirect tax, GST's burden primarily falls on the end consumer, yet it is
collected and remitted to the government by the supplier, simplifying tax administration and
promoting transparency.
Overall, GST simplifies taxation, fostering economic growth, and bolstering compliance, in
line with the government's goals of facilitating business and sustainable development. The
system aligns with objectives to promote ease of doing business and ensure a transparent,
efficient tax regime in India.
REFERENCE
1. N S V KRISHNA RAO
INDEPENDENT DIRECTOR(MCA)
AURORA'S PG COLLEGE (MCA)
Autonomous & NAAC ‘A+’ Grade
Ramanthapur, Hyderabad-500013
Department of Management
2. C. Rama Gopal, “Export Import Procedures – Documentation and Logistics”, New Age
International (P) Limited page-1-93