'ONE NATION, ONE TAX, ONE MARKET'. Goods and Service Tax (GST) is applicable on the supply of goods and services in India. GST is one tax for the entire country. GST is mendatory for certain business entities persons whose turnover exceeds the prescribed limit.
GST introduces with the expectation of that, the GST tax system will help to create a common national market; it removes the cascading effect of taxation; leads to uniformity in laws, rates of tax, and procedures across states; boost manufacturing activities and exports; generate more employment. Indian products would be more compatitive in global markets; likely to improve the overall investment climate in India and attract foreign investment; reduce tax evasion; a simpler system of taxation with a smaller number of exemptions; simplified methods for process will be more accurate and transparent, as electronic matching will be performed.