What is the significance of GST today?

  • GST is an indirect tax that will be levied on goods as well as service.All the existing state and central indirect tax will be subsumed under these apart from custom duties.It will be applicable in throughout the country.Under this system,a single product will be taxed at the same rate every corner of the country.GST would not be charged at every point of sale like other indirect taxes so in this way,market would be developed.And it will introduce a corruption free taxation system.GST is being introduced to create a common market across states to improve tax compliance.And it will lead a more transparent and neutral manner to raise revenue.Any supplier of goods and/services who makes a taxable supply with an aggregate turnover of over Rs.20lakhs in a financial year is required to obtain GST Registration.Today Today GST Registration can be done online.It is important today.