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Seven Frequently Asked Questions about GST | GST Tax India, Goods and Services Tax
India, which is notorious for the complex tax system that it follows, is coming up with a new tax regime, which is expected to change the image completely. So far, the businesses especially the new ones and start-ups found it really troublesome to navigate through the maze of various direct and indirect taxes. Now with Goods and Service Tax (GST) all set to come into play in less than a month, the scenario looks promising. The change brings about some discomfort too with itself because the general human behaviour is always to resist any change. As the GST will come into effect from 1st July many people are getting jittery as they are not clear on what GST is all about. To help them understand, let's discuss some of the common questions that arise. What Is GST, CGST, SGST and IGAT? People get confused by all these terms. GST is an effort to make the entire nation one unified common market by having a single indirect tax. Currently, the taxation is based on the principle of