Goods and service tax is taking india by the storm

Abstract

France was the first country to implement GST to reduce tax- evasion. European countries have one rate of GST as they do not have poor families, unlike in India, where families cannot be burdened with the same tax as the rich. All credits will be online and some penalties are like criminal activity. So it is threatening for the small businessman who is now free from Taxes. GST will be levied only at the final destination of consumption based on VAT principle and not at various points (from manufacturing to retail outlets). .Presently, a tax is levied on when a finished product moves out from a factory, which is paid by the manufacturer, and it is again levied at the retail outlet when sold.