GST will integrate India into one common market by removing the various tax and fiscal barriers between the states. Goods and Services Tax (GST), as the name suggests will be tax levied on goods and services during the point of sale or rendering of service. GST will be applicable for all goods and services, expect the exempted class of goods and service. Having passed various stages, the GST regime in India is now set to roll out from 1st July, 2017.
Both the Central Government and State Governments would simultaneously levy GST across the value chain. GST levied and collected by the Central Government would be Integrated Goods and Services Tax (IGST) and the State Governments would levy and collect (SGST) on transactions within the State.