GST – A Game Changer

GST implementation is a milestone in Indian tax system. It transforms the country into one unified common market. It will reduce the existing complexity of taxes as it subsumes VAT, Excise duty, service tax and Sales tax. It is a consumption based tax applied on goods and services at the place of its consumption. The proposed model of GST is ―Dual GST‖ comprising Central and State component charging simultaneously on the common base. It also addresses the cascading effect of tax on cost of goods and services. Other countries experience in GST has proven to be an efficient tax collection system. The implementation of GST generates more revenue as it broadens the tax base and erodes the tax evasion. This Paper highlights the GST implications on tax structure, incidence and compliance.