Impact of GST on Economy
What is GST ?
- The Goods and Services Tax Bill or GST Bill, formally known as The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, suggests a national Value added Tax to be implemented in India from April 2016.
- It was introduced in Lok Sabha on December 19, 2014 by Finance Minister Arun Jaitley.
- GST is an indirect tax on manufacture, sale and consumption of goods and services all over India and it will replace taxes implemented by the Central and State governments. It would be levied and collected at each stage of sale or purchase of goods or services based on the input tax credit metho.
