what is gst how it will effect our eco

Dear student.

GST stands for Goods and services tax. It has been introduced by government on motion of "One Nation, one tax". GST has removed all the indirect taxation like VAT, service tax etc to bring ease of working.
For example; VAT comes under state government and different state governments impose different VAT rate on goods of their state which lead to difference in value of goods between various states,
In order to overcome these differences GST has been introduced.
Its impact on economy is long run is going to be positive, it will help to curb black money. But initially as tax regime changes taxpayers will find some issues, but thereafter it will help in smoothing the functioning of economy.


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