Goods and Service Tax – GST – By: – CA Akash Phophalia – Dated:- 26-12-2014 Last Replied Date:- 30-12-1899 – Why GST??? Presently the tax structure of India is very complex and Central and State both are charging taxes on goods. Although tax credit mechanism is in place but that too needs to be rationalized. Central is also imposing taxes on services. Looking to the global developments and tax structure of developed countries GST is the need of the hour. The need of GST can further be explained in the following points :- In the present tax structure there is no system of providing input credit mechanism in between taxes levied by state and the centre. Thus, cascading effect arises. There are various definitional issues related to manufac
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