INTRODUCTION & OVERVIEW OF GOODS AND SERVICES TAX (GST)
In the earlier regimes, there were a large number of indirect taxes. For example, on manufacture, there was excise duty. On sale, there were taxes, like Value Added Tax, Central Sales Tax, Purchase Tax, Entertainment Tax, Tax on Lottery, Betting and Gambling, Luxury Tax, Tax on advertisment and even Entry Tax in certain cases. Further, on services, there was Services Tax. This made the life of businessmen very difficult, as they had to deal with so many taxes, at the same time. These were the various problems or shortfalls or deficiencies in old Indirect tax laws such as Multiple taxable event, Cascading effect, Double Tax and so on. That is why, to remove these weaknesses in the old Indirect tax laws, Government introduced GST Laws in India w.e.f. 01/07/2017.
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Article Compiled by Mayank Garg