Goods and Service Tax - GST versus Current Taxation System

The proposed implementation of the Goods and Service Tax in India has generated a significant amount of discussion and debate in the industry. Marking a sea change in the way tax will be levied, the GST, when introduced, will have an impact on businesses, organizations, and their operations. The current article calculates difference in the cost of product and taxes charged under both the systems of taxation and it is evident that GST is going be beneficial for both companies and the customers. The article also highlights the differences between the current structure of taxation and the proposed tax structure under the GST model.