The "Goods and Services Tax" (GST) is one of the most
significant tax reforms in India post independence. The idea of a
uniform Goods and Service Tax was debated for more than a decade
before it became a reality with the passage of the Constitution
(One Hundred and Twenty-Second Amendment) Bill, 2014. The President
of India has approved it post its passage in the Parliament (Rajya
Sabha and Lok Sabha) and ratification by more than 50 percent of
State legislatures.
GST is proposed to be a comprehensive indirect tax levy on
manufacture, sale and consumption of goods as well as services at
the national level. The rationale of GST is that there should not
be multiplicity of taxes. It will replace all indirect taxes levied
on goods and services by the Central and State Governments. It will
convert India into one uniform economic market with a uniform tax
rate. The GST will subsume most of the indirect taxes of the centre
and the states including excise duty, service tax,
