GST means Goods and Service Tax. Goods and Service Tax is a complete tax imposed on<br />manufacture, sale and utilization of goods and service. It is mostly a substitute of all indirect<br />taxes which imposed on goods and services by the Central and State government of India. Goods<br />and Services Tax would be levied and collected at each stage of sale or purchase of goods or<br />services based on the input tax credit process. The main objective of GST is One Nation, One<br />Tax and One Market. Merging several Central and State taxes into a single tax would moderate<br />pouring or double taxation, facilitating a common national market. It is such type of tax till the<br />ultimate consumers will improve competitiveness of original goods and services in the market<br />which directly impact on GDP growth of the country. The biggest benefit of GST is that it will<br />unique tax evasion. With the execution of GST in India, the procedure for GST registration<br />would be centralized and uniformed similar to service tax registration. The procedure for<br />obtaining GST registration would be uniformed, thereby improving the easiness of starting a new<br />business in India. Once GST is implemented in India, businesses with revenue of less than Rs.10<br />lakhs per annum would not have to index for GST nor collect GST.<br />
