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The proposed implementation of the Goods and Services Tax (GST) in India has generated a significant amount of discussion and debate in the industry. Marking a sea-change in the way tax will be levied, the GST, when introduced, will have an impact on businesses, organisations and their operations. Simply put the GST is a comprehensive value added tax on goods and services. It is levied and collected on value addition at each stage of sale or purchase of goods or supply of services with applicable set-offs in respect of the tax paid at previous stages. Ideally, the GST mechanism envisages no distinction between taxable goods and taxable services and they are taxed at a single rate in a supply chain of goods and services till the goods/services reach the consumer. It is basically intended as a tax on final consumption.
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