The Goods and Services Tax (GST) is an upcoming system of taxation in India which will merge many individually applied taxes into a single tax. It was introduced through the passage of the 101st Amendment.
The GST is governed by the GST Council and its Chairman is Finance Minister Arun Jaitley.
The government has categorised 1211 items under various tax slabs. With its diverse implications and ambit, the GST will be the biggest taxation shake-up in India since independence. Here are the main points about GST that you should know about before it is implemented from 1 July 2017.