EDITOR'S PAGE

摘要

The new Goods and Services Tax (GST), the biggest tax reform since independence and the new indirect tax regime in the country is to come into effect from 1 July, wherein fixation of GST rates on the supplies is joint responsibility of the Central and State Governments after the approval from the GST Council. For beginners, GST is a tax on economic activity like manufacturing, services or trading. It would be levied on nearly all supplies except those listed as exempted supplies and imports. GST replaces eight Central and nine State taxes such as Central Excise Duty, Service Tax, CST, State VAT and Entry Tax. The uniform GST rates across States is set to reduce the tax burden and compliance cost.