Gst – a major taxation reform in india

Abstract

Tax is an important source of revenue for a Government. A Government can take care of the welfare of its people by using the money collected through taxes. A tax is a mandatory financial charge or some other type of levy imposed upon a tax payer by a Government or the in order to fund various public expenditures. Taxes consist of direct or indirect taxes. Most countries have a tax system in place to pay for public/common/agreed national needs and government functions: some levy a flat percentage rate of taxation on personal annual income, some on a scale based on annual income amounts, and some countries impose almost no taxation at all, or a very low tax rate for a certain area of taxation.