1. To curb the process of dual taxation of the commercial goods
i.e taxation on production and distribution of products and services.
2. Tax on tax will ensure the competitiveness and improved
quality of original goods which will in turn do good to the GDP of the country
his calculator takes-in an amount (either gross or net), rate of GST tax
and an option to tell the calculator whether to Add or Remove the Goods and
Services Tax from the given amount. This new form of tax is expected to be
levied by Government of India from April, 2016. It is further classified into
Central GST (CGST), State GST (SGST) and Integrated GST (IGST).
GST is the comprehensive tax levy on the manufacturing, selling and
consumption of consumer good at the national level. The Government of India
took a step to replace all the indirect taxes levied on goods and services by
the Centre and States and formulated GST to be implemented by 2016. GST will be
a remarkable reform for Indian economy by developing a common Indian market and
reducing the cascading effect of tax on the cost of goods and services. It will
impact the Tax Structure, Incidence, Computation, Payment, Compliance, Credit
Utilization and Reporting leading to an entire restructuring of the present
indirect tax system.
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