What are the objectives of GST: Goods and Services Tax

The Goods and Services Tax is an integral part of tax reforms in many countries around the world, aimed at simplifying and streamlining the indirect tax structure. In this article, we will explore the objectives of GST and how they impact businesses and consumers.
The Goods and Services Tax (GST) is a single tax levied on the supply of goods and services across India. It replaced a complex web of state and central taxes, simplifying the system for businesses and consumers. This reform aims to eliminate the cascading effect of taxes (tax on tax), boost economic growth, and make compliance easier.
Businesses can claim credits for taxes paid on inputs, reducing their overall tax burden and potentially lowering prices for consumers. GST creates a national market with a seamless flow of goods and services, while the digital GST Network promotes transparency and reduces tax evasion.

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