Recent trends in GST - an overview

Recent trends in GST - an overview

Indirect tax includes Tamilnadu sales Tax, Central excise duty paid by manufacturers of goods, sales tax, customs duty, service tax, VAT. Common canals of taxation are taxable charge, taxable percent, taxable event, taxable measure and other types of levy. VAT means value added tax that adds value to goods. GST is one nation one tax imposed by Central and State Government and taxes are equally shared by Central and State governments which is known by its cooperative federalism. GST Act constitutes a council which is a constitutional body. The investors tend to invest in India due to the fact that 25 different taxing rates are prevalent in India. The advantages of GST include different rates of tax for different goods, replaces all other indirect taxes (One Nation,One Tax), reduces flow of black money and avoids cascading effect. When compared to the previous taxing system, the consumers get benefited by GST.