Goods and Services Tax Act (GST), pegged as a major tax reform post-independence, has already been introduced by the Government of India and is likely to be implemented from 1 July 2017. This will subsume most of the indirect taxes (such as VAT, excise, service tax etc.) levied by the Centre and State governments. GST is applicable on all goods and services except for supply of alcohol, petrol, electricity, etc. The new tax regime aims to bring efficiency in the procurement process and create a ‘single market’ to enable free flow of goods and services across the country with minimum … Click here to continue…..
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