GST is a comprehensive tax that will be levied on manufacture, sale and consumption of goods and services at a national level under which no distinction is made between goods and services for levying of taxes.
IT is one TAX for the whole nation, which will make India one unified common market. It will be apply on the supply of goods and services, right from the manufacturer to the consumer.
GST is a destination-based tax, which means it is charged where the goods are consumed, as opposed to where they are produced. It will help in removing several indirect state and federal taxes levied by local level. The final consumer will thus bear only the GST charged by the last dealer in the supply chain.
Any individual registered under any of the following acts will be affected by GST:
- Service Tax
- State Sales Tax or VAT (except exclusive liquor dealers if registered under VAT)
- Entry Tax
- Luxury Tax
- Entertainment Tax (except levied by the local bodies)