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And it is this
new tax acronym which we will try to decipher and understand, so that when the paper for amendment of
the constitution to include GST will come up on 15th November and all TV channels will go berserk
flashing this news, at least we will have a fair idea about what exactly this entire hullabaloo is all about.
What is GST?
Known as Goods and Service Tax (GST), it is a reform in the entire indirect taxation process of India. This
Finance Minister has set the deadline of 1st April2010 for implementation of GST. The basic idea of GST
is to simply the indirect taxation process and earn more revenue. Its aim is to re-distribute the burden of
taxation equitably between manufacturing and services.