GST Full Form is Goods and Services Tax. GST as the biggest-ever tax reform in India, and it is predicted by the Economists that it could add 2 percent points of growth of India, the third-largest economy of Asia. GST aimed to make India a common market with common tax rates and procedures and remove the economic barriers thus paving the way for an integrated economy at the national level by subsuming most of the Central and State taxes into a single tax. GST is a destination based rex, It follows a multi-stage collection mechanism. In this, tax is collected at every stage and the credit of tax paid at the previous stage is available as a set off at the next stage of the transaction. This shifts the tax incidence near to the consumer and benefits the industry through better cash flows and better working capital management. Implementation of GST can surely be termed as a breakthrough reform for India's manufacturing sector. It will create a transformational shift from a complex, multi-layered and cascading indirect tax system to a single unified indirect tax system that permits tax set off across the value chain, both for goods and service....Read more