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GST is the biggest rational tax reform since Independence impacting the way business strategies are defined, planned and executed. Goods and Services Tax, commonly known as GST, is an indirect, value added consumption based tax, which will replace various indirect laws, from 1st July, 2017. GST was enacted in the year 2017 and its governing body is GST Council headed by Ministry of finance and constitution of council is based on federal system of the country. The basic concept of GST is not to tax on tax.|

The Prospects of GST

GST will simplify and harmonies the indirect tax regime in the country. It will reduce cost of production resulting Indian trade and industry will become more competitive, domestically as well as internationally. It will also be helpful to control inflation. Robust IT infrastructure will result in to better tax compliance and broaden the tax base. Due to digitalization the transparency in the system shall prevail and moreover it will be big tool to eliminate corruption. One tax one country will also eliminate the habit of holdings etc. At the same time, the exceptions - in the form of permissible additional excise taxes on special goods (petroleum and tobacco for the Centre, petroleum and alcohol for the States) - will provide the requisite fiscal autonomy to the States.