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Goods and Services Tax creates a unified indirect tax, subsuming central and state levies and enabling transparent input tax credit. The speech announces the launch of Goods and Services Tax as a unified indirect tax subsuming numerous central and state levies, governed by the GST Council which makes recommendations on laws, rates and exemptions by consensus. It explains that GST aims to remove cascading, make tax incidence transparent, improve export competitiveness and create a level playing field for domestic industry. Administration will rely on a modern IT platform (GSTN) with an input tax credit mechanism conditioned on sellers' actual tax payment, and the address urges continuous review to address implementation challenges.
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<h1>Goods and Services Tax creates a unified indirect tax, subsuming central and state levies and enabling transparent input tax credit.</h1> The speech announces the launch of Goods and Services Tax as a unified indirect tax subsuming numerous central and state levies, governed by the GST Council which makes recommendations on laws, rates and exemptions by consensus. It explains that GST aims to remove cascading, make tax incidence transparent, improve export competitiveness and create a level playing field for domestic industry. Administration will rely on a modern IT platform (GSTN) with an input tax credit mechanism conditioned on sellers' actual tax payment, and the address urges continuous review to address implementation challenges.
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